RBI Cancel Bank License: RBI has banned this bank

On Friday, the Reserve Bank of India (RBI) imposed several restrictions on Musiri Urban Cooperative Bank due to deteriorating financial condition. Due to these restrictions, a limit of Rs 5,000 has been imposed on withdrawing money from this bank. According to the latest report, Musiri Urban Co-operative Bank can no longer give loan to any customer without the permission of RBI. Also, neither one can invest nor deposit money in it. Source-sarkariexam.com

RBI cancels bank license: RBI has warned the customers of this bank

RBI said that “the new rules should not be taken as cancellation of banking license. At present, the bank will continue to do banking business with restrictions till the financial condition improves. Let us tell you that the Reserve Bank of India has so far imposed restrictions on Musiri Urban Cooperative Bank. India has taken big action. After this action of the Reserve Bank, bank customers will now be able to withdraw only up to Rs 5000. This restriction will remain in force for the next six months. During this, the Reserve Bank will keep reviewing the restrictions.

RBI cancels bank license: License revoked on Friday

Withdrawals not exceeding Rs 5,000 may be permitted from all savings bank or current accounts or any other account of the depositor, the central bank said, adding he would be entitled to receive the deposit insurance claim amount from the Credit Guarantee Corporation. However, RBI said that the direction should not be taken as cancellation of banking license. According to the Reserve Bank, this bank will continue to do banking business with restrictions till its financial condition improves.