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Ban on Deccan Arab-Cooperative Bank of Karnataka, customers will not be able to withdraw more than Rs 1,000

Posted on February 20, 2021February 20, 2021 by Nidhi Malviya

RBI has become strict about the Deccan Urban Co-operative Bank Limited of Karnataka. In its order, the RBI has banned it from granting new loans or accepting deposits. RBI has also issued an order that no customer will be able to withdraw more than Rs 1,000 from the account.

Mumbai: The Reserve Bank of India on Friday said that it has banned the Deccan Urban Co-operative Bank Ltd of Karnataka from giving new loans or accepting deposits.. This specific is for six months. The cooperative bank is also prohibited from taking any new investment or new liability without prior approval.

RBI said that it gave this instruction to the Chief Executive Officer (CEO) of the bank on Thursday (February 18). These instructions will be in effect for six months from the evening of February 19, 2021, which will depend on further review.

The central bank said in a release, “In view of the current cash position of the bank, depositors cannot be allowed to withdraw more than Rs 1,000 from all savings accounts or current accounts.

The regulator said, “Though 99.58 per cent depositors are under the ambit of Deposit Insurance and Credit Guarantee Corporation Insurance Corporation (DCGC) scheme”. DCGC is a full-fledged subsidiary of RBI. This bank provides insurance on deposits.

Nidhi Malviya

Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.

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