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Current Affairs

RBI Restricts People’s Co-operative Bank to Grant Fresh Loans

Current Context: The Reserve Bank of India has restricted Kanpur, UP based People’s Co-operative Bank from granting fresh loans and accepting deposits for six months i.e. from 10th June 2020.
RBI Restricts People’s Co-operative Bank to Grant Fresh Loans
  • The decision has been taken due to the weak financial status of the bank.
  • The bank is restricted by RBI from selling, transferring and disposing any of its properties or assets.
  • Also, no withdrawal of any amount from all the SA and CA or any other account of depositor will be allowed from the bank.
  • Static Part:
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 RBI has restricted which of the following bank from granting fresh loans and accepting deposits for six months?
a. People’s Co-operative Bank (Kanpur)
b. Rajkot Nagrik Sahakari Bank
c. Greater Bombay Co-operative Bank
d. Akola Urban Co-operative Bank
RBI Restricts People’s Co-operative Bank to Grant Fresh Loans RBI Restricts People’s Co-operative Bank to Grant Fresh Loans Reviewed by Neha Verma on June 13, 2020 Rating: 5

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