Banking regulator Reserve Bank of India (RBI) has imposed transaction restrictions on four co-operative banks in view of their deteriorating financial conditions. The below restrictions will be in force for six months and has been issued by the RBI under the Banking Regulation Act, 1949. Details below :
- Saibaba Janata Sahakari Bank – depositors of this bank can not withdraw more than Rs. 20, 000/-.
- The Suri Friends’ Union Co-operative Bank Ltd. (West Bengal) – depositors can not withdraw more than Rs. 50,000/- from this bank.
- National Urban Co-operative Bank Ltd. (Bahraich) – only upto Rs. 10,000/- can be withdrawn from this bank by depositors.
- United India Co-operative Bank Ltd. (Bijnor) – customers of this bank can not withdraw any money from their accounts as a total ban on withdrawal has been imposed.