Jerk! Now only 5000 rupees will be removed from the account, the customers of this bank were upset by the decision of the Reserve Bank

The Reserve Bank said in a statement, the ban on the cooperative bank will remain in force for six months from the close of business on March 3 and will be subject to review.

Even if you have millions of rupees deposited in your bank, you will be allowed to withdraw only 5000 rupees। A decision by the Reserve Bank of India ( RBI ) has left the senses of the customers of the Musiri Urban Co-operative Bank of Tamil Nadu।, the Reserve Bank has imposed various restrictions on this co-operative bank due to deteriorating financial situation। These restrictions include imposing a limit of Rs 5,000 on withdrawing money.

The Reserve Bank said in a statement, the ban on the cooperative bank will remain in force for six months from the close of business on March 3 and will be subject to review। With restrictions, the cooperative bank cannot, without the approval of the RBI, make loans, make no investments and make no payments। The bank cannot dispose of any of its assets among other things.

Reserve Bank stated, ‘ ‘ specifically, Withdrawal of not more than Rs 5,000 of the total balance in all savings bank or current accounts or any other account of the depositor may be permitted. ’ ’ In addition, eligible depositors will be entitled to receive deposits up to five lakh rupees from Deposit Insurance and Credit Guarantee Corporation.

However, the Reserve Bank stated that these instructions should not be taken as a cancellation of a banking license। It states, ‘ ‘ The bank will continue to do banking business with restrictions until its financial position improves. ’ ’ She said that it could consider amending the instructions based on the circumstances

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