RBI imposed restrictions on 4 more banks, it was difficult to withdraw money

The Reserve Bank of India (RBI) is now watching very closely the way banks work. This is the reason why he imposes fine on the slightest mistake of the banks. Not only this, if the bank is too careless, then it also bans them. This is the reason that the number of closures of banks has increased rapidly for some time. Once the RBI takes the decision to close the bank, then after that the depositors are quite anxious to get the money back. After this, many times even the entire deposited money is not able to get back. Let us know whether this time the depositors will be able to withdraw money from the four banks on which RBI has imposed restrictions.

These four banks are co-operative banks
RBI has taken strict action on 4 co-operative banks in the interest of depositors. In view of the poor financial condition of these four cooperative banks, RBI has imposed various restrictions. The 4 co-operative banks that have been acted upon are Ramgarhia Co-operative Bank of Delhi, Sahebrao Deshmukh Co-operative Bank of Mumbai, Sangli Co-operative Bank and Sharda Mahila Co-operative Bank of Karnataka.

Know what are the restrictions
RBI has imposed 6 months ban on these four cooperative banks. These restrictions have been implemented from 8 July 2022. According to RBI, these restrictions have been imposed on banks under the Banking Regulation Act, 1949. According to the notice issued by RBI, these four cooperative banks cannot give any loan (loan or loan) without the prior approval of RBI. Apart from this, they cannot renew any loan. Under the instructions of RBI, the limit for withdrawal of money has also been fixed for the depositors of these four cooperative banks.

Know how much money can be withdrawn by the customers of which co-operative bank
According to the information given by RBI, customers of Ramgarhia Co-operative Bank and Sahebrao Deshmukh Co-operative Bank can withdraw only up to Rs 50,000. It is to be noted here that irrespective of the amount deposited, the deduction for withdrawal is up to Rs.50,000 per customer. Similarly, withdrawals up to Rs 45,000 per customer have been allowed from Sangli Co-operative Bank. Whereas in the case of Sharda Mahila Co-Operative Bank, this exemption has been fixed only up to Rs 7,000. However, RBI has clarified that its instructions should not be seen as cancellation of banking licence. If these banks improve their functioning, then restrictions on them can also be removed.

Fines were also imposed on these banks.
Apart from this, RBI has also imposed penalty on four cooperative sector banks namely Navjeevan Cooperative Bank, Balangir District Central Cooperative Bank Ltd, Dhakuria Cooperative Bank Ltd Kolkata and Palani Cooperative Urban Bank Ltd. The fine ranges from Rs 1 lakh to Rs 2 lakh.