CURRENT AFFAIRS

Detailed explanation-1: -Similarly, in the case of National Urban Co-operative Bank, the limit of withdrawal has been capped at Rs 10, 000 per customer.

Detailed explanation-2: -For the National Urban Co-operative Bank, the withdrawal limit has been set at Rs 10, 000 per customer.

Detailed explanation-3: -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-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: -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.