2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Karur Vysya Bank
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South Indian Bank
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People’s Co-operative Bank
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RBL Bank
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Detailed explanation-1: -The Co-operative Bank has been under restrictions since June 10, 2020, through the directives issued under Section 35A of the Banking Regulation Act, 1949 (AACS).
Detailed explanation-2: -RBI bars People’s Co-operative Bank from granting fresh loans, accepting deposits for six months.
Detailed explanation-3: -The banks whose permits have been cancelled by the RBI include Independence Cooperative Bank Limited, Mantha Urban Cooperative Bank Ltd, People’s Cooperative Bank Limited, Mudhol Cooperative Bank Limited, Millath Cooperative Bank Limited and others.
Detailed explanation-4: -The four banks being put under restrictions by the RBI are are Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, Mumbai; and Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka. These restrictions have been put under the Banking Regulation Act, 1949.
Detailed explanation-5: -As part of the restrictions, the two cooperative banks cannot grant loans, make any investment, incur any liability – including borrowal of funds and acceptance of fresh deposits, disburse or dispose of properties or assets.