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RBI bans 5 banks, customers will not be able to withdraw deposited money

If your account is running in a bank, and your hard earned money is lying in that account, then you must read this news. Action has been taken by the Reserve Bank of India (RBI) on some cooperative banks of the country. Recently RBI has banned 5 Co-operative Banks of the country. Along with this, the withdrawal of money from the account has been completely stopped. Know what RBI has said in this regard.

Ban on banks will continue for 6 months
This restriction has been imposed by the RBI in view of the worsening financial situation. There is talk of continuing this ban on banks for 6 months. Bank’s customers will not be able to withdraw their own money deposited in the account. At the same time, these banks will neither be able to give new loans to anyone nor take loans without the permission of RBI. Apart from this, you will not be able to transfer any of your property. RBI has imposed partial deposit withdrawal ban on 3 out of total 5 banks and complete ban on other two.

Ban on these banks
Among the 5 cooperative banks banned by the Reserve Bank of India, HCBL Co-operative Bank, Lucknow (HCBL Co-operative Bank), Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad (Adarsh Mahila Nagari Sahakari Bank Maryadit), Shimsha Co-operative Bank Niyamatha Maddur-Karnataka (Shimsha Sahakara Bank Niyamitha), Uravakonda Co-operative Town Bank, Uravakonda-Andhra Pradesh (Uravakonda Co-operative Town Bank Ltd) and Shankarrao Mohite Patil Sahakari Bank, Akluj-Maharashtra (Shankarrao Mohite Patil Sahakari Bank).

Cash withdrawal ban in banks
Customers of HCBL Sahakari Bank Lucknow, Adarsh Mahila Nagri Sahakari Bank Maryadit, Aurangabad, and Shimsha Sahakari Bank Niyamitha Maddur will not be able to withdraw money from their own accounts due to the current liquidity crunch. This ban will continue for about 6 months.

Will be able to withdraw only Rs 5,000
Customers of Uravakonda Co-operative Town Bank, Uravakonda, and Shankarrao Mohite Patil Sahakari Bank, Akluj can now withdraw only up to Rs 5,000 from their bank deposits. It means that irrespective of the amount deposited in the customer’s account, he will be able to withdraw only Rs 5,000 from his account.

This big reason for action
Disciplinary action is taken on banks from time to time by RBI. Action is taken on the banks for violating the rules and for other reasons. Recently some nationalized banks have been fined. Many types of flaws have been seen in their functioning. That’s why RBI bank has imposed heavy fine on them.