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RBI Update: Reserve Bank imposed restrictions on 2 cooperative banks of UP, your money is not deposited

Reserve Bank of India Update: Reserve Bank of India has imposed restrictions on two public sector banks in Uttar Pradesh. These also include the limit of withdrawals from the bank by the customers. The Reserve Bank has said that these restrictions have been imposed in view of the financial condition of these banks. Their condition is getting worse.

ban them
Let us tell you that RBI has banned Lucknow Urban Co-Operative Bank and Urban Co-Operative Bank Limited, Sitapur for financial transactions. The restrictions under the Banking Regulation Act will remain in force for 6 months. Both banks cannot give loans and cannot make any investments without the permission of the RBI.

ban on withdrawal of excess
RBI said that the customers of Lucknow Urban Cooperative Bank will not be able to withdraw more than Rs 30,000. On the other hand, in the case of Urban Co-operative Bank Limited, Sitapur, the withdrawal limit is Rs.50,000 per customer. Both the banks cannot lend and make any investment without the permission of RBI.

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ban on mumbai bank
RBI has banned many co-operative banks. RBI had imposed some restrictions on Raigad Co-operative Bank of Mumbai. Restrictions were also imposed on Nashik Zilla Girna Sahkari Bank of Maharashtra and Mallikarjuna Pattana Sahkari Bank of Karnataka. The Reserve Bank of India had taken this step due to the deteriorating financial health of these banks.

Why is action
From time to time, disciplinary action has been taken on banks by RBI. Action is taken on banks for violating the rules. Heavy fines have been imposed on some nationalized banks. There are many shortcomings in their work. That’s why the fine has been imposed on them.

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