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LATEST NEWS UPDATES | RBI imposes severe restrictions on this bank, imposes Rs 1,000 cap on withdrawals — check details

RBI imposes severe restrictions on this bank, imposes Rs 1,000 cap on withdrawals — check details

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published Published on Nov 12, 2021   modified Modified on Nov 14, 2021

-PTI/ Financial Express

As per the directions, the bank shall not, without the prior approval of the RBI, grant or renew any loans and advances, make any investment, incur any liability, and disburse or agree to disburse any payment.

The Reserve Bank of India (RBI) on Friday imposed several restrictions on Laxmi Cooperative Bank Ltd, Solapur, including a Rs 1,000 cap on withdrawals for customers, due to deterioration in its financial position.

The restrictions imposed under the Banking Regulation Act, 1949, shall remain in force for six months from the close of business on November 12, 2021, and are subject to review, the RBI said in a statement.

As per the directions, the bank shall not, without the prior approval of the RBI, grant or renew any loans and advances, make any investment, incur any liability, and disburse or agree to disburse any payment.

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PTI/ Financial Express, 12 November, 2021, https://www.financialexpress.com/industry/banking-finance/rbi-imposes-severe-restrictions-on-this-bank-imposes-rs-1000-cap-on-withdrawals-check-details/2368282/?fbclid=IwAR0TQFdnV9EkILEvOrj16izRXqYCcTlch46Vfwx0hv


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