01 April,2017 07:51 AM IST | | Agencies
The Reserve Bank yesterday imposed severe restrictions on the operations of Kapol Co-Operative Bank, including a cap of Rs 3,000 on deposit withdrawals
The Reserve Bank yesterday imposed severe restrictions on the operations of Kapol Co-Operative Bank, including a cap of Rs 3,000 on deposit withdrawals.
The apex bank issued certain directions to the city-based cooperative bank which included allowing depositors to withdraw only up to Rs 3,000 from their savings or current accounts, an RBI statement said.
The troubled bank will also not be able to renew any loans and advances, make any investment, incur any liability, including borrowing of funds and acceptance of fresh deposits, the RBI said.
