If you have a bank account with Babaji Date Mahila Sahakari Bank of Maharashtra, then this news can prove to be very helpful for you. Babaji Date Mahila Sahakari Bank in Yavatmal has been subjected to numerous restrictions by the Reserve Bank of India (RBI).
Customer withdrawals are also limited to Rs 5,000. For some time now, the RBI has been taking a harsh stance against cooperative banks (Urban Bank).
A deteriorating financial situation led to these steps
According to media reports, the Reserve Bank of India took this decision due to the deteriorating financial situation of Babaji Date Mahila Sahakari Bank. Starting November 8, 2021, the RBI has stated that restrictions under the Banking Regulation Act 1949 will remain in effect for the next 6 months. According to the RBI, the bank is being reviewed.
Media reports suggest that Babaji Date Mahila Sahakari Bank in Yavatmal can no longer make a payment without the permission of the Reserve Bank. In addition, it can issue loans and advances.
Apart from this, this cooperative bank will not be able to transfer or sell properties without the permission of RBI.
The Reserve Bank of India says, due to Babaji Date Mahila Sahakari Bank’s current financial status, all savings account holders, current account holders, and other account holders cannot withdraw more than Rs 5,000 per month from their account.