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Rules Imposed on Babaji Date Mahila Sahakri Bank by RBI

Published on November 11, 2021
Current Context: The Reserve Bank of India has imposed certain rules and directions on Babaji Date Mahila Sahakari Bank.
Rules Imposed on Babaji Date Mahila Sahakri Bank by RBI
  • The bank is based in Yavatmal, Mumbai, Maharashtra.
  • The RBI has capped the withdrawal limit for the bank customers at Rs 5000.
  • The reason behind this action is the deterioration in the lender's financial situation.
  • The restrictions are imposed under the Banking Regulation Act 1949.
  • The restrictions will remain in force for six months from the close of business which commenced on 8th Nov 2021.
  • The RBI has set rules for the Babaji Date Mahila Sahakari Bank in terms of not granting or renewing any loans and advances, making any investment, and incurring any liability without permission of RBI.
  • Without the permission of RBI, the bank cannot disburse or agree to disburse payment and enter into any step of transfer or otherwise dispose of any of its properties or assets.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 RBI has capped the withdrawal limit for the Babaji Date Mahila Sahakari Bank customers at ____?
a. Rs 7000
b. Rs 8000
c. Rs 5000
d. Rs 10,000
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