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Four co-operative banks – Saibaba Janata Sahakari Bank, The Suri Friends’ Union Co-operative Bank Ltd, Suri (West Bengal) and National Urban Co-operative Bank Ltd, Bahraich – have had restrictions imposed on them by the Reserve Bank of India.
In view of their deteriorating financial positions, the RBI has imposed withdrawal restrictions, capping Saibaba Janata Sahakari Bank’s withdrawals at Rs 20,000 and The Suri Friends’ Union Co-operative Bank’s at Rs 50,000.
For the National Urban Co-operative Bank, the withdrawal limit has been set at Rs 10,000 per customer.
These restrictions are set to remain in place for six months. Additionally, the RBI has also imposed a penalty on for violations regarding ‘frauds classification and reporting by commercial banks and select FIs’.
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