RBI Action: RBI is continuously taking steps. At the same time, the bank has taken another decision just a few minutes after the policy.
RBI Action: The Reserve Bank has extended the restrictions on the Indian Mercantile Cooperative Bank of Lucknow. However, the bank will be able to continue its banking business. Let us tell you that on March 9, 2023, the RBI had taken a decision to ban many things by tightening the bank.
What happened now? RBI says that the restrictions imposed on the bank will continue till September 2024. In simple words, those who have an account in the bank cannot withdraw more than Rs 1 lakh from all savings or current accounts or any other account.
In a statement, RBI said that this cooperative bank of Lucknow will not give new loans or advances without prior permission nor will it be able to renew the old loan.
Apart from this, to make any kind of investment, it will also have to take permission from RBI first.
Account holders will not be able to withdraw more than one lakh amount – Customers will not be able to withdraw more than one lakh rupees. However, RBI has also said that this should not be considered as cancellation of banking license.
Banking business will continue – RBI says that these rules will be kept in force till further orders. These restrictions will remain in force till 10 September 2024. These restrictions will remain in effect for six months, the situation will be reviewed after six months
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