RBI imposes restrictions on Musiri Urban Co-operative Bank
RBI imposes restrictions on Musiri Urban Co-operative Bank : RBI has imposed a Rs 5,000 cap on withdrawals by individual customers from Tamil Nadu-based Musiri Urban Co-operative Bank.
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Reason: It is a part of several restrictions imposed on the lender due to its deteriorating financial condition.
The restrictions on the lender will remain in force for six months from the close of business on March 3, 2023. Without the approval of the RBI, the cooperative bank cannot grant loans, make any investments, or disburse any payments.
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