4 co-operative banks – Saibaba Janata Sahakari Financial institution, The Suri Buddies’ Union Co-operative Financial institution Ltd, Suri (West Bengal) and Nationwide City Co-operative Financial institution Ltd, Bahraich – have had restrictions imposed on them by the Reserve .
In view of their deteriorating monetary positions, the RBI has imposed withdrawal restrictions, capping Saibaba Janata Sahakari Financial institution’s withdrawals at Rs 20,000 and The Suri Buddies’ Union Co-operative Financial institution’s at Rs 50,000.
For the Nationwide City Co-operative Financial institution, the withdrawal restrict has been set at Rs 10,000 per buyer.
These restrictions are set to stay in place for six months. Moreover, the RBI has additionally imposed a penalty on for violations concerning ‘frauds classification and reporting by business banks and choose FIs’.
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