RBI Imposes Restrictions: A bank has set the withdrawal restriction after the Reserve Bank of India (RBI) fined various banks over the past few days. Raigad Sahakari Bank Limited of Mumbai has been subject to a variety of restrictions on behalf of the RBI. The decision to take this action by the central bank was made in light of the bank’s declining financial situation.
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15 thousand withdrawal limit
For customers of Raigad Co-operative Bank, the central bank has imposed a withdrawal cap of Rupees 15,000. After this strictness, the cooperative bank won’t be able to accept new deposits, make any investments, or grant loans without first receiving permission from the Reserve Bank.
The ban will continue for six months
Customers of the bank would not be able to withdraw more than Rs 15,000 from their savings and current accounts, according to a statement made by the Reserve Bank. The bank will be subject to these limitations for a period of six months. Raigad Co-operative Bank was given instructions, however, the Reserve Bank has made it clear that they do not intend to revoke their banking license.
Penalty was imposed on two big banks
Two large banks had previously faced penalties from the RBI for breaking the guidelines. According to the information provided by the RBI, Kotak Mahindra Bank and IndusInd Bank were each fined one crore rupees for failing to comply with regulatory requirements.