Three cooperative banks have received harsh limitations from the Reserve Bank of India in the last two days. Along with the Sri Mallikarjuna Pattana Sahakari Bank situated in Karnataka, these banks also include two from Maharashtra: the Nashik Zilla Girna Sahakari Bank Limited and the Raigad Sahakari Bank. The Reserve Bank of India has restricted these three banks from engaging in any banking activity due to their weak liquidity situation.
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According to RBI, these directives are subject to review and will be in effect for a period of six months. Furthermore, the RBI has stated that these directives do not imply that the banks’ licences are being revoked and that changes to these directives will be taken into account as soon as the banks’ financial situation gets better.
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