RBI took action on this bank, now customers will be able to withdraw only Rs 5000, loan will not be available

RBI: The Reserve Bank of India has imposed several curbs on Babaji Date Mahila Urban Bank, Yavatmal, Maharashtra based on Monday. These also include a withdrawal limit of Rs 5,000 for customers. The central bank has taken this step amid the deteriorating financial condition of the cooperative bank.

Sanctions imposed on November 8
The Reserve Bank said in a statement that the restrictions under the Banking Regulation Act, 1949 will remain in force for six months from the close of business on November 8, 2021 and are subject to review.

Will not be able to give loan and advance
This cooperative bank of Yavatmal can no longer make any payment nor give any loan or advance without the approval of the Reserve Bank.

will not even have the right to sell the properties
Apart from this, without the approval of the Reserve Bank, the bank will not be able to make any payment, will not be involved in any arrangement, nor will it be able to sell or transfer its properties.

Current account holders will be able to withdraw only Rs 5000
“In view of the current cash position of the bank, all savings bank or current account or other account holders shall not be able to withdraw an amount exceeding Rs 5,000 from their accounts,” the statement said.

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