RBI extends directions of Guru Raghavendra Sahakara Bank indiancooperative.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiancooperative.com Daily Mail and Mail on Sunday newspapers.
Karnataka Deputy Chief Minister D K Shivakumar on Wednesday said the state government is planning to constitute a special investigation team (SIT) to probe alleged scams in city-based.
The Reserve Bank of India (RBI) has imposed restrictions on The National Cooperative Bank, one of Bengaluru s oldest institutions, due to its worsening financial condition. The bank is now only permitted to disburse Rs 50,000 to depositors across all accounts. The RBI has barred the bank from renewing loans and making any investments, incurring any liabilities, disbursing payments, and accepting fresh deposits.
The RBI put out a statement in the morning limiting the bank s powers after it found the bank s finances to be weak to carry out normal business transactions. There were long queues of customers wanting to withdraw whatever they could, but crowds had only swollen by the evening. Many customers had brought their fixed deposit bonds to encash, but were in vain.