Dynamite News RBI bars this bank from offering loans, deposits; Customers queue outside bank
The RBI has barred this Co-operative Bank from granting or renewing loans and accepting fresh deposits for 6 months. Read further on Dynamite News:
Mumbai: A day after the Reserve Bank of India (RBI) restricted New India Co-operative Bank to carry out banking services, account holders on Friday morning queued up outside the bank branch in Mumbai to withdraw their money.
According to Dynamite News correspondent, the RBI has barred the Co-operative Bank from granting or renewing loans and accepting fresh deposits for 6 months.
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The Central bank will review its decision after 6 months.
The RBI barred the bank from carrying out regular business over supervisory concerns.
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RBI Issues Statement
"Considering the bank’s present liquidity position, the bank has been directed not to allow withdrawal of any amount from savings bank or current accounts or any other account of a depositor but is allowed to set off loans against deposits," the RBI said in a statement.