Money & Banking

RBI extends validity of its Directions for Sri Guru Raghavendra Bank till May 10, 2022

BL Internet Desk | | | Updated on: Jan 11, 2022
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RBI brought the bank under Directions in the interest of depositor protection

 

The Reserve Bank of India (RBI) has extended the validity of its Directions for Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, till May 10, 2022, subject to review.

The bank has been under RBI Directions with effect from close of business on January 10, 2020. RBI brought the bank under Directionsin the interest of depositor protection.

The withdrawal limit for depositors of Sri Guru Raghavendra Sahakara Bank is capped at ₹1 lakh per depositor during the entire duration that it is under RBI Directions.

Under the Directions, the bank cannot, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and accept fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets.

Published on January 11, 2022

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