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The Reserve Bank of India has imposed restrictions on the transactions of city-based Gokul Cooperative Urban Bank Ltd.
In a notification, RBI directed the bank not to grant or renew any loans or advances, make any investment, incur any liability, including borrowing funds and acceptance of fresh deposits, disburse or agree to disburse any payments, etc, without prior written approval from it. The record date will be the close of business on April 4, 2016.
A sum not exceeding Rs 1,000 on the total balance in every savings bank or current account or any other deposit account could be allowed, it said.
It may, however, renew the existing term deposits on maturity in the same name and same capacity and make investments in government/ SLR approved securities, it said.
These directions will be in force for six months and are subjected to be renewed.
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