RBI extends restrictions on Indian Mercantile Cooperative Bank till Oct 2023. Details here
₹1 lakh on withdrawals. The RBI had in January 2022 directions restricted the Indian Mercantile Cooperative Bank to grant or renew any loans and advances, make any investment without prior approval of RBI in writing.
The banking regulator also directed the cooperative Bank not to incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction, without prior approval of RBI in writing. In particular, a sum not exceeding ₹100,000 (Rupees one lakh only) 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the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn subject to the conditions stated in the above Reserve Bank directions.
. Read more on livemint.com
