RBI has imposed restrictions, withdrawal caps on 4 co-operative banks
The Reserve Bank of India (RBI) on Friday imposed various restrictions on on four cooperative banks. The restrictions have been imposed for six months and it includes cap on withdrawals for the depositors. The central ban k of India has imposed restriction keeping note of deteriorating financial positions of these four co-operative banks. The four banks being put under restrictions by the RBI are are Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, Mumbai; and Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka. These restrictions have been put under the Banking Regulation Act, 1949.