Reserve Bank of India (RBI), Independent Co-operative Bank Ltd., located in Nashik, Maharashtra. Withholding money withdrawal from However, RBI said in a statement on Wednesday that 99.88 percent of the bank….
RBI explained the reasons for the stop
RBI has stated that given the current cash position of the Operative Bank Limited Bank, Independents will not be allowed to withdraw any amount from deposits from savings or current account or any other account. Customers can settle the debt against the deposit. However this will also depend on certain conditions.
This is the complete action on the RBI Independence Co-operative Bank
The RBI has imposed some restrictions on the Operative Bank Limited Bank for Independence after the end of trading hours on Wednesday. Under this, the bank’s chief executive officer will no longer give or renew any loan without the prior approval of the RBI. Apart from this, they will not make any investment nor make any payment. According to RBI, the bank will continue to conduct its banking business with restrictions. This restriction will remain until the financial situation improves. The RBI also said that it can amend the instructions depending on the situation, but currently this moratorium has been imposed for 6 months.