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RBI imposes restrictions on Mumbai-based Raigad Sahakari Bank

Published on July 19, 2022
Current Context: RBI (Reserve bank of India) imposed several restrictions on Mumbai-based Co-operative bank Raigad Sahakari bank due to the worsening of the financial situation of the bank.
RBI imposes restrictions on Mumbai-based Raigad Sahakari Bank
  • The RBI imposed restrictions include a withdrawal cap of Rs 15000 per customer and this will remain in force for a period of six months.
  • RBI said a sum not exceeding Rs 15,000 of the total balance across all the savings bank or current account or any other accounts of the depositor may be allowed to be withdrawn.
  • The bank cannot provide loans, make any investments, or accept fresh deposits without prior approval from RBI.
  • RBI said the directions issued to Raigad Sahakari bank should not per se be construed as a cancellation of banking business.
  • The bank will continue to do banking business with restrictions till its financial position improves.
  • Static Knowledge:
    • RBI governor - Shaktikanta Das (25th RBI governor)
    • RBI headquarters - Mumbai
    • RBI was formed - on 1 April 1935

Question: 

Q.1 RBI imposed restrictions on which Mumbai-based co-operation bank due to worsening of its financial situation?
a. Punjab and Maharashtra co-operative bank
b. Saraswat Co-operative Bank Ltd
c. Kapol co-operative bank Ltd
d. Raigad Sahakari bank
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