RBI caps withdrawals from Raigad Sahakari Bank at Rs15,000

19 Jul 2022 , 09:03 AM

The banking regulator Reserve Bank of India (RBI) today imposed a number of limitations on Raigad Sahakari Bank, a cooperative bank with headquarters in Mumbai. For a period of six months, the limits, which include a withdrawal cap of Rs15,000 per user, would be in effect.

RBI stated in a statement that “in particular, a sum not exceeding Rs15,000 of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn.”

The RBI clarified, however, that the limitation placed on Raigad Sahakari Bank should not be taken to mean that its banking license has been revoked.

According to the statement, “The bank will continue to conduct banking business with limitations until its financial status improves.”
In addition, the Reserve Bank stated that depending on the situation, it might modify the instructions.

Shri Chhatrapati Rajarshi Shahu Urban Co-operative Bank Limited, Beed, was fined Rs6 lakh by the RBI for violating rules relating to “Frauds – Classification and Reporting.”