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RBI Imposes Restrictions on Mumbai-based Bank Regarding Withdrawals
April 24, 2018
Central bank RBI has issued restrictive guidelines for City Co-operative Bank asking it to limit withdrawals to Rs. 1,000 for each bank account, and avoid loans disbursals, investments, and deposits acceptance.
As per a notification on the RBI website, the directions on the Mumbai-based bank are imposed in “exercise of powers vested in the Reserve Bank under sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the said Act”.
Bank controller and Shiv Sena MP Anandrao Adsul said that the depositors needn’t worry as the issue will be resolved in a few days.
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