RBI News: Reserve Bank of India i.e. RBI takes good care of the interests of its customers. Not only this, but he also keeps a close watch on the private and government banks working under him. Where RBI feels that banks are violating some rules, it also takes strict action. One such case has come to light recently when a bank was banned by RBI for six months.

Which bank was banned?
Actually, the Reserve Bank of India has decided to ban Mumbai-based Mogaveera Co-operative Bank for six months. The main reason for this is the deteriorating financial condition of the bank. According to RBI, these restrictions have come into effect after the close of business on Friday i.e. June 12 and will remain in effect for six months. These will be reviewed if necessary.

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What restrictions have been imposed?
Many restrictions have been imposed on the bank, the biggest decision of which is that bank customers will be able to withdraw only a maximum of Rs 1 lakh from their accounts. Apart from this, the bank will no longer be able to give new loans, renew old loans, make any new investments nor accept new deposits. Apart from this, the bank will not be able to take any new loan. Considering the current cash position of the bank, depositors have been allowed to withdraw a maximum of Rs 1 lakh from their savings, current or other accounts.

negligence of bank
Central bank RBI said that it was in talks with the board and senior management of the bank for a long time to improve its functioning. But there was negligence on the part of the bank regarding this. The bank did not make adequate efforts to protect the interests of depositors. For this reason these instructions had to be issued. However, RBI has clarified that these restrictions do not mean cancellation of the bank’s license. The bank can continue normal banking services with prescribed conditions until its financial position improves. RBI will continue to monitor the situation of the bank and will change the rules or take other steps if necessary.

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