RBI has imposed a ban on this bank, customers cannot withdraw more than Rs 10,000! – News18 Bangla

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#Mumbai: The Reserve Bank of India (RBI) has imposed a ban on Nagar Urban Co-operative Bank Ltd, located in Ahmedgarh, Maharashtra. The Reserve Bank of India has imposed a number of sanctions on Nagar Urban Co-operative Bank Limited due to its poor financial condition. As a result, the customers of this bank are facing problems. The bank has set a maximum limit of Rs 10,000 for customers to withdraw money from their accounts. As a result, customers of Nagar Urban Co-operative Bank Limited will not be able to withdraw more than Rs 10,000 from their bank accounts.

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The ban will continue for 6 months

According to the Banking Act, 1949, the Reserve Bank of India has imposed a six-month ban on Nagar Urban Co-operative Bank Limited. The ban has been in place since December 6, and will last for the next six months. The Reserve Bank of India will keep an eye on Nagar Urban Co-operative Bank Limited for these 6 months. The Reserve Bank of India has stated that Nagar Urban Co-operative Bank will not be able to give any loan without their permission during this period. Also, Nagar Urban Co-operative Bank will not be able to renew any debt at this time. Nagar Urban Co-operative Bank will not be able to make any investment. Nagar Urban Co-operative Bank will not be able to transfer any property. Nagar Urban Co-operative Bank will not be able to sell any property. The Reserve Bank of India has imposed a ban on all such loans of Nagar Urban Co-operative Bank Limited.

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Instructions of the Reserve Bank

Customers of Nagar Urban Co-operative Bank Limited, located in Ahmedgarh, Maharashtra, will no longer be able to withdraw more than Rs 10,000 from their accounts as per the instructions of the Reserve Bank. On behalf of Nagar Urban Co-operative Bank Limited, no customer can be given more than Rs. 10,000. The Reserve Bank of India has imposed sanctions on Nagar Urban Co-operative Bank Limited. As a result, the instructions of the Reserve Bank of India must be complied with by Nagar Urban Co-operative Bank Limited and its customers. The ban is intended to protect consumers.

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