Reserve Bank of India has imposed several restrictions on Indian Mercantile Cooperative Bank Ltd, Lucknow, including a cap of Rs 1 lakh on withdrawals. The restrictions came into force from the closure of business hours on January 28, 2022. RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment. The restrictions would remain in force for six months and are subject to review.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The RBI has imposed the above restriction in the exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS). In particular, a sum not exceeding Rs 1 lakh of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, subject to certain conditions.
A few cities around the world become famous because of a special feature that is…
India got its freedom from British rule on 15th August 1947. After independence, the country…
After India got independence in 1947, the country needed strong leaders to help build a…
India became a free and independent country in 1947, and later in 1950, it became…
India has a rich history of medicine and healing. During the British rule, becoming a…