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The RBI on Monday has imposed several restrictions on Mumbai-based Raigad Sahakari Bank, indulging in a withdrawal cap of Rs 15,000 per customer, because of the  deterioration in the financial condition of the lender. 

without the prior approval of RBI, the cooperative bank cannot issue loans, neither make any investments nor accept fresh deposits.

A non exceeding sum of Rs 15,000 withdrawing of the total balance across all savings bank or current accounts or any other account of a depositor is strictly prohibited and restrictions will be enforced till six months.

Further the RBI issues the directions for the Raigad Sahakari Bank which shouldn’t be construed as cancellation of banking license if not continuing to undertake banking business with restrictions till its financial position improves.

The Reserve Bank has also made it under consideration about the modifications directed will be depending upon circumstances. 

In another statement, the RBI asked for a penalty of Rs 6 lakh on Shri Chhatrapati Rajarshi Shahu Urban Co-operative Bank Limited for contravention of provisions related to ‘Frauds bearing Classification and Reporting’.

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