Restrictions on withdrawing money in 4 banks..? RBI Order..!

Sowmiya Sriram
Restrictions on withdrawing money in 4 banks..? RBI Order..!
Many banks in india are in poor financial condition and are not following RBI regulations properly, especially cooperative banks. In india, these cooperative banks are very dominant in small towns and rural areas, and the people of these areas trust and invest their small savings in cooperative banks.
In this situation, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india is imposing restrictions on 4 banks. In the notification issued by the Reserve bank, it has imposed various restrictions on 4 cooperative banks for the next 6 months. Mainly in these 6 months, restrictions have been imposed on bank customers to withdraw money in 4 banks. RBI has currently imposed restrictions on Ramgarhia Co-operative bank of Delhi, Sahebrao Deshmukh Cooperative bank, Mumbai, Sangli Sahakari bank, Mumbai, and Sharadha Mahila Co-operative bank Limited, Tumkur, Karnataka.
These restrictions have been imposed by the RBI under the banking Regulation Act, 1949. As the financial condition of these 4 cooperative banks continues to deteriorate, a special committee has been constituted to examine the financial condition of the respective banks by imposing these important restrictions.
Ramgarhia Cooperative bank due to the RBI ban, Sahebrao Deshmukh Co-operative bank, Sangli Sahakari bank, and sharada Mahila Co-operative bank Limited should not issue new loans, make new investments or receive new deposits.
Similarly, restrictions have been imposed on the withdrawal of money, i.e. the withdrawal of money by customers of respective banks. According to this, due to RBI's ban, RBI has imposed an excess of Rs 50,000 on customers of Ramgarhia Co-operative bank and Sahebrao Deshmukh Co-operative bank, Rs 45,000 on Sangli Sahakari bank, and Rs 7,000 on Sharadha Mahila Co-operative bank Ltd.
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