RBI imposes curbs on Maharashtra-based Nagar Urban Co-op Bank

rbi, Banking Regulation Act, Reserve Bank of India, RBI Directions

The RBI on Monday imposed several restrictions on Nagar Urban Co-operative Bank Ltd, Ahmednagar, Maharashtra, including a cap of Rs 10,000 on withdrawals for customers in the wake of deterioration of its financial position. The restrictions, imposed through directions under the Banking Regulation Act (as applicable to co-operative societies), 1949, shall remain in force for a period of six months from the close of business on December 6, 2021 and are subject to review, the Reserve Bank said in a statement.

The bank shall not, without prior approval of RBI, grant or renew any loans and advances, make any investment, incur any liability, disburse any payment, transfer or otherwise dispose of any of its properties or assets, the RBI said.

“In particular, a sum not exceeding Rs 10,000 of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn subject to the conditions stated in the above RBI Directions,” it added.

A copy of the directions has been displayed on the bank’s premises for perusal by members of the public.

It further said the issue of the directions should not per se be construed as cancellation of the banking licence by RBI.

“The bank will continue to undertake banking business with restrictions till its financial position improves,” the central bank said, and added it may consider modifications of these directions depending upon circumstances.

Meanwhile, the RBI has imposed a penalty of Rs 2 lakh on Pune People’s Co-operative Bank Limited, Pune for non-compliance with ‘know your customer’ norms.

The RBI, however, added the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by Pune People’s Co-operative Bank with its customers.

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