India

RBI Bars People’s Co-operative Bank Public Transactions For 6 Months

By
OB Bureau

Mumbai: The Reserve Bank of India (RBI) on Thursday barred Kanpur-based People’s Co-operative Bank from carrying out certain public transactions till further notice, reported The LiveMint.

Granting of loans and accepting deposits for a period of six months will not be allowed due to the bank’s weak financial position. Further, the central bank said, “In particular, no amount of the total balance across all savings bank or current accounts or any other account of a depositor may be allowed to be withdrawn.” Selling, transferring, or disposing of any of its properties or assets remains unduly debarred.

“As from the close of business on June 10, 2020, the bank shall not, without prior approval of RBI in writing a grant or renew any loans and advances, make any investment, incur any liability including borrowing of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in the discharge of its liabilities and obligations or otherwise,” the RBI said in a release, reportedly.

Reportedly, these directions will remain in force for six months from the close of business on June 10 and will be subjected to review. However, RBI clarified that the directions should not be interpreted as a cancellation of the banking license of the co-operative bank. It shall continue to undertake banking business with restrictions until its financial position improves.

OB Bureau

Recent Posts

Bullets Fired At Nandan Kanan Express Train In Odisha’s Bhadrak! Probe Launched

Bhadrak: Amid allegations that bullets were fired at the Nandan Kanan Express train near Charampa…

November 5, 2024

Odisha Health Dept Official Arrested For Carrying Rs 2.8 Lakh ‘Ill-Gotten’ Cash

Bhubaneswar: Odisha Vigilance on Tuesday arrested senior assistant in Additional District Public Health Office (Family…

November 5, 2024

Rain May Lash Bhubaneswar & 4 Odisha Dists By 6PM Today; Dry Spell From Nov 8

Bhubaneswar: The regional centre of India Meteorological Department (IMD) has sounded yellow warning for four…

November 5, 2024

Odisha Deputy CM Holds Talks With Indian Envoy In London On Measures To Boost Tourism

Bhubaneswar: Odisha’s Deputy Chief Minister Pravati Parida held a meeting with the Indian High Commissioner…

November 5, 2024

India To Celebrate 125th Birth Anniv Of Odisha’s First CM Harekrushna Mahatab, Informs Mohan Majhi

Bhubaneswar: Chief Minister Mohan Charan Majhi on Tuesday informed about the central government's plans for…

November 5, 2024

Cracks On Puri Jagannath Temple’s Meghanada Pacheri: Odisha BJP Blames Previous BJD Govt

Bhubaneswar: Amid a brouhaha over cracks detected on the ‘Meghanada Pacheri’ surrounding Shree Jatannath Temple…

November 5, 2024

Daughter’s Name Can’t Be Deleted From List Of Family Members Eligible For Govt Employee’s Pension

New Delhi: In a recently released guidelines, the Department of Pension and Pensioners’ Welfare (DoPPW)…

November 5, 2024

Berhampur Cops In Odisha To Wear Body Cameras After Alleged Assault Case

Berhampur: After Bhubaneswar Commissionerate Police, Berhampur police have introduced body cameras for its personnel to…

November 5, 2024