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Customers of this Bank will not be able to Withdraw Money from the Account Till October 31

The Reserve Bank of India (RBI) on Wednesday extended the restrictions applicable to the co-operative bank ‘The Needs of Life Co-operative Bank Limited’ for another six months. These restrictions on the bank will now be applicable till 31 October. In October 2018, the Reserve Bank of India (RBI) imposed restrictions on this bank for six months. The bank was prohibited from giving any new loan and renewing the old loan. After this, these restrictions have been extended twice. The bank has been allowed to carry out banking business under restrictions with its financial condition improving. The Reserve Bank has also imposed a ban on withdrawal of funds from the bank. These restrictions were coming to an end on Wednesday.

The central bank has said in its order that the instructions issued by it on 26 October 2018 will be applicable to the bank for another six months (30 April 2020 to 31 October 2020). In another statement, the Reserve Bank has said that the restrictions applicable to Madgaon Urban Co-operative Bank Limited, Margaon, Goa have also been increased by 3 months to 2 August. The restrictions imposed on the bank were to expire on 2 May 2020.

RBI has extended cash withdrawal and other restrictions on Kolikata Mahila Cooperative Bank Limited, Kolkata for six months. This ban will be effective from 10 January 2020 to 9 July 2020. In July last year, the central bank banned the cooperative bank from granting or renewing loans, making any kind of investment, raising any bill bill, making a new deposit or making any payment without the written permission of RBI. The RBI had allowed depositors to withdraw up to Rs 1,000 only.

Please note that last month, the limit of withdrawing money by customers from their accounts was Rs 50,000 by April 3. Also, RBI removed the bank’s board of directors.

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