Mumbai (Maharashtra) [India], December 6 (ANI): The Reserve Bank of India has put Nagar Urban Co-operative Bank, Ahmednagar, under directions for a period of six months.
Deposit withdrawal will be restricted to Rs 10,000 per depositor during the entire six months that the Bank will be under directions, with effect from the close of business on December 6.
Nagar Urban Co-operative Bank cannot grant or renew any loans and advances, make any investment, incur liability including borrowing funds and accept fresh deposits, RBI said in a statement.
The RBI statement also said the NUCB cannot disburse payments whether in discharge of its liabilities and obligations or otherwise. The central bank said NUCB cannot enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets.
However, the central bank said the extension/modification should not per se be construed as cancellation of banking licence. (ANI)
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