The Reserve Bank of India (RBI) has imposed several restrictions on Nagar Ahmed Nagar-based Nagar Co-operative Bank Limited in Maharashtra. Under the ban, the limit for bank customers to withdraw money from their accounts has been fixed at Rs 10,000. The central bank has taken this step in view of the deteriorating financial condition of the bank.
Under the Banking Regulation Act (applicable to Cooperative Societies), 1949, these restrictions will be applicable for a period of six months from the expiration of business hours on December 6, 2021 and will be reviewed.
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The RBI has said that Nagar Urban Co-operative Bank will not give any loan or advance or renew any loan without its permission. At the same time, the bank will be prohibited from making any investments, taking any liabilities, making payments and transferring or selling assets. The Reserve Bank said that the bank’s customers will not be able to withdraw more than Rs 10,000 from their savings bank or current accounts.
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