RBI Imposes Business Restrictions On This Bank!!! Marks Deposit Withdrawal Limit at Rs 50,000: The Reserve Bank of India (RBI) is the responsible body to maintain regular banking services across the country and to monitor the nationalized banks regarding their services maintaining limits and profit outcomes. Recently, RBI imposed business restrictions on Bangalore-based National Co-Operative Bank Limited on Yesterday (24.07.2023).
RBI also marked the deposit withdrawal limit at Rs. 50,000 per account. This decision was made to regularize the financial position of the banks as they are weak now. The notice issued by RBI also instructed the bank not to issue fresh loans or accept fresh deposits without prior approval from the central bank. Reserve bank plans to impose this restriction until the financial situation of the bank improves.
As now the tentative imposition will be for 6 months, account holders can take note of this and be instructed to plan according to the withdrawal limits. Due to the certain rules violation and for not maintaining a minimum balance in the savings bank account, RBI has imposed a monetary penalty on this bank on May 2023.
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