Customers of this bank will now be able to withdraw only ₹ 35,000, strict restrictions imposed for 6 months:

New Delhi: The Reserve Bank of India (RBI) on Wednesday took strict action against a bank and imposed several restrictions on it. This step of RBI will have a direct impact on the bank customers, who will no longer be able to withdraw the entire money deposited in their account. In view of the deteriorating financial condition of the bank, RBI has increased the withdrawal limit for customers. Rs 35,000 Has decided.

This action has been taken only on Guwahati Cooperative Urban Bank and it will not have any impact on any other bank in the country.

Restrictions will continue for 6 months

All these restrictions imposed by RBI came into effect with the closure of banks on Tuesday and will be implemented next. six months Will continue till. Under these instructions, this co-operative bank will now:

• Without the prior approval of RBI, no one can give a new loan or renew an existing loan.
• The bank cannot make any new investment, nor can it take any new liability or make any payment to anyone.
• Most importantly, customers cannot withdraw more than Rs 35,000 from their savings account, current account or any other account. However, they have been allowed to repay the loan installment from their deposits.

Why did RBI take this action?

The Reserve Bank said that it had recently discussed with the board and senior management of Guwahati Co-operative Urban Bank to improve its functioning. But, no concrete steps were taken by the bank to rectify its shortcomings and protect the interests of its depositors, after which RBI had to issue these strict instructions.

Deposit amount up to Rs 5 lakh is safe, DICGC will give the money

However, amidst this restriction there is also a matter of relief for the customers. The Reserve Bank has clarified that eligible depositors of the bank will be entitled to receive an insurance claim of up to Rs 5 lakh on their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). This means that if a customer has Rs 5 lakh or less in his account, his entire amount is safe.