Bank Restriction New: The Reserve Bank of India (RBI) has imposed strict regulatory restrictions on The Baghat Urban Co-operative Bank Ltd., located in Solan, Himachal Pradesh. Under these directives, the bank has been prohibited from granting new loans, accepting new deposits, and incurring liabilities. The most significant decision is that customers will now be able to withdraw a maximum of ₹10,000 from their accounts.
RBI, Reserve Bank of India, Baghat Urban Co-operative Bank
RBI Action Against Another Bank (Photo-iStock)
Banking Activities Restricted
According to the directives issued by the RBI, the bank will no longer be able to grant new loans or advances, accept new deposits, or incur any new borrowings without the prior written permission of the RBI. These restrictions were imposed due to serious deficiencies in the bank’s operations, which were revealed during a recent inspection by the RBI.
