Photo: PTI

Banning another bank

New Delhi. Reserve Bank of India appoints Lakshmi Sahakari Bank Ltd. Many restrictions have been imposed in Solapur. The central bank has done this in view of the bank’s financial crisis. The limit on withdrawing bank customers from their accounts was set at Rs 1,000. The Reserve Bank said on Friday that the restrictions imposed under the Banking Regulation Act, 1949 would be in force for six months following the closure of working hours on November 12, 2021. During this time the restrictions will be reviewed. According to Reserve Bank regulations, Lakshmi Sahakari Bank will not be able to provide loans or restructure loans without the approval of the central bank. Also, the bank does not make any money or pay or agree to pay.

Earlier this month, the Reserve Bank of India launched several routes at Maharashtra-Babaji Date Mahila Sahakari Bank, Yavatmal. This also includes a discount limit of Rs 5,000 for customers. The central bank did this amid the financial crisis of the cooperative bank. The Reserve Bank further stated that the restrictions under the Banking Regulation Act, 1949 will be in force for six months from the date of termination of business on November 8, 2021 and must be enacted. This affiliated bank Yavatmal will no longer be able to repay or repay loans or refunds without the approval of the Reserve Bank. Other than this, without the permission of the Reserve Bank, the bank will not be able to pay anything, enter into any transaction, or sell or transfer its assets. “Depending on the status of the bank, any savings bank or existing or other accounts may not be able to withdraw more than Rs 5,000 from their accounts,” he said.


Source link