CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) has extended the restrictions on Karnataka’s Millath Co-Operative Bank, Devangere, by another three months till May 7, 2022. “The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive DCBS. CO. BSD III.

Detailed explanation-2: -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. This was in line with the trends seen in previous years.

Detailed explanation-3: -RBI had imposed restrictions on the withdrawal of deposits from PMC Bank. The Reserve Bank of India (RBI) on December 28 extended the validity period of its directions imposed on Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) from January 1, 2022, to March 31, 2022.

Detailed explanation-4: -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.

Detailed explanation-5: -"Further action with regard to sanction of the scheme is under process, ” RBI said on Tuesday as it extended the restrictions for another three months till March 31, 2022, subject to review.