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RBI Caps Withdrawal From Deccan Urban Cooperative Bank
On Friday, the Karnataka-Based Deccan Urban Cooperative Bank has been barred by the RBI to grant loans or accept deposits. At the same time, the restriction has been placed with respect to withdrawals which cannot be more than Rs. 1000 from their respective savings bank account for a period of six months.
Moreover, the lender cannot engage in any investment nor can incur any liability without the former's permission.
On Thursday, the RBI issued the directions to CEO of the bank.
It has also asked the lender to refrain from disbursing any payment whether in discharge of its liabilities or otherwise, or dispose of any of its assets except as notified in the RBI direction.
"Considering the bank's present liquidity position, a sum not exceeding Rs 1000 only of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn," RBI said in a release on Friday.
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