RBI Extends Restrictions On Karnataka's Millath Co-Operative Bank Till May

As per the directions issued first on May 10, 2019, withdrawals were capped at Rs 1,000 from any account. The directions have been periodically extended till now.

Topics

Reserve Bank of India | Co-operative Bank | Banking

RBI ( Bloomberg)

Photo: Bloomberg

The Reserve Bank on Tuesday extended the restrictions on Millath Co-Operative Bank, Devangere (Karnataka), by another three months till May 7, 2022.

As per the directions issued first on May 10, 2019, withdrawals were capped at Rs 1,000 from any account. The directions have been periodically extended till now.

In a press statement on Tuesday, the RBI said other terms and conditions of the directives will remain unchanged during the latest three-month extension.

The directions also include no new loans, new investments or taking on any new liabilities, including borrowing of funds or paying any other liabilities, sans RBI approval.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, February 08 2022. 12:57 IST

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