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RBI imposes restrictions on Mogaveera Co-operative Bank for 6 months

The Reserve Bank has imposed several restrictions on Mogaveera Co-operative Bank, Mumbai, including capping withdrawals at Rs 1 lakh, amid its deteriorating financial position. The restrictions are effective from the closure of business hours on Friday for a period of six months and are subject to review, the Reserve Bank of India (RBI) said in a statement. The cooperative bank cannot grant or renew any loans and advances, make any investment, incur any liability, including borrowing of funds a…

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Business StandardCenter·4h ago
RBI imposes restrictions on Mogaveera Co-operative Bank for 6 months
The Reserve Bank has imposed several restrictions on Mogaveera Co-operative Bank, Mumbai, including capping withdrawals at Rs 1 lakh, amid its deteriorating financial position. The restrictions are effective from the closure of business hours on Friday for a period of six months and are subject to review, the Reserve Bank of India (RBI) said in a statement. The cooperative bank cannot grant or renew any loans and advances, make any investment, incur any liability, including borrowing of funds a…
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RBI imposes restrictions on Mogaveera Co-operative Bank for 6 months

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