Account holders of this bank have a good news from RBI – All you need to know

Account holders of this bank have a good news from RBI – All you need to know

If you are an account holder of Youth Development Co-operative Bank Ltd, Kolhapur, here is a good news or at least a relief from RBI! The Central bank on Monday withdrew all restrictions imposed on the lender since January 2019.

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Several restrictions, including a cap of Rs 5,000 on withdrawals from the Kolhapur-based co-operative bank, were imposed by the Reserve Bank in the wake of its worsening financial position, initially for six months from the close of business on January 5, 2019.

The validity of the “all-inclusive directions” was extended from time to time, the last being up to April 5, 2021.

“Reserve Bank of India, on being satisfied that in the public interest it is necessary to do so… Hereby withdraws with effect from April 05, 2021, All-Inclusive Directions issued to Youth Development Co-operative Bank Limited, Kolhapur, Maharashtra,” the central bank said in a circular.

Among other restrictions, the lender was barred from granting or renewing any loans and advances, making any investment, incurring any liability, without prior approval in writing from the Reserve Bank of India.

Source:-zeebiz

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