The Reserve Bank of India (RBI) has placed restrictions on Sri Guru Raghavendra Sahakara Bank, which includes a withdrawal limit of Rs 35,000 for customers. The Bengaluru-based private lender cannot issue new loans or make any new investments without prior approval from the banking regulator for the next six months.The curbs do not mean that the bank’s banking licence will be revoked, RBI clarified. The banking regulator has placed restrictions starting from the close of business on January 10.”A sum not exceeding Rs 35,000 of the total balance in every savings bank or current account or any other deposit account may be allowed to be withdrawn,” the RBI said in a press release. ”The bank will continue to undertake banking business with restrictions till its financial position improves,” it bank added.Close The instructions were issued under Section 35 A of the Banking Regulation Act, 1949. related news Banking wrap: Yes Bank director resigns; board approves fund raising but rejects $1.2 bn offer India’s forex reserves touch record $461.16 bn Bill payments, SIPs to become easier as RBI gives nod to recurring UPI payments Following RBI’s directive, Sri Guru Raghavendra Sahakara Bank sent a message to its customers, The Times of India reported. “We wish to request depositors and… Read full this story
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