Categories: Banking

RBI imposed restrictions on Nagar Urban Co-operative Bank

The Reserve Bank of India has imposed several restrictions on Nagar Urban Co-operative Bank Ltd, Ahmednagar, Maharashtra, including restrictions on withdrawals up to Rs. 10,000 for customers. RBI has issued the directions in the exercise of powers vested in it under subsection (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949 for six months.

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The bank shall not, without prior approval of RBI, grant or renew any loans and advances, make any investment, incur any liability, disburse any payment, transfer or otherwise dispose of any of its properties or assets. The bank will continue to undertake banking business with restrictions till its financial position improves.

Important takeaways for all competitive exams:

Nagar Urban Co-operative Bank Headquarters: Ahmednagar, Maharashtra;
Nagar Urban Co-operative Bank Acting CEO: V. Rokde;
Nagar Urban Co-operative Bank Slogan: ‘One Family….. One Bank’.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.