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RBI imposed restrictions on four Co-operative banks

Published on July 23, 2022
Current Context: RBI has imposed restrictions on Saibaba Janata Sahakari Bank, The Suri friends' Union Co-operative bank Ltd, Suri (West Bengal), National urban co-operative bank Ltd, Bahraich.
RBI imposed restrictions on four Co-operative banks
  • RBI has imposed a withdrawal cap of Rs 20,000 on Saibaba Janta Sahakari bank because of the weakening financial conditions of the bank.
  • The Suri friends' Union co-operative bank is restricted for withdrawal of only Rs 50,000.
  • RBI has imposed a withdrawal limit of Rs 10,000 per customer on the National Urban co-operative bank.
  • The restrictions imposed by RBI on four co-operative banks under the Banking Regulation act, of 1949 will remain for six months.
  • RBI has penalized Suryoday Small finance bank with Rs 57.75 lakh for violations regarding fraud classification and reporting by commercial banks and financial institutions.
  • Static Knowledge:
    • Governor of RBI - Shaktikanta Das(25th Governor)
    • RBI headquarters - Mumbai
    • RBI was formed on - 1 April 1934

Question: 

Q.1 RBI has imposed a penalty of Rs______ on Suryoday small finance bank?
a. 51.57 lakh
b. 58.57 lakh
c. 57.75 lakh
d. 52.75 lakh
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