penci-text-to-speech
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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/jcaxzbah/newz24india.in/wp-includes/functions.php on line 6114In response to the declining financial health of the Maharashtra-based Shirpur Merchants’ Co-operative Bank, the Reserve Bank of India (RBI) on Monday placed a number of limitations on the bank, including a ban on customer fund withdrawals.<\/p>\n
The RBI stated in a statement that as of Monday at the latest, the bank will not provide or renew any loans and advances, make any investments, take on any liabilities, transfer, or otherwise dispose of any of its properties or assets without first obtaining written permission from the central bank.<\/p>\n
“Considering the bank’s present liquidity position, no amount from the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, but are allowed to set off loans against deposits subject to the conditions stated in the above RBI directions,” the RBI stated.<\/p>\n
The RBI went on to state that deposit insurance claim amounts up to Rs 5 lakh would be given to eligible depositors by the Deposit Insurance and Credit Guarantee Corporation (DICGC).<\/p>\n