Amid poor financial health of Kapol Co-operative Bank, the Reserve Bank of India (RBI) has imposed withdrawal limit on the bank’s customers.
“Depositors will be allowed to withdraw a sum not exceeding Rs.3,000 (Rupees three thousand only) of the total balance held in every saving bank or current account or any other deposit account,” the RBI said in a statement.
“The Directions have been issued from the close of business on March 30, 2017,” the statement added.
However, the RBI said that “the bank will continue to undertake banking business with restrictions till its financial position improves”.
“The Reserve Bank may consider modifications of these directions depending upon circumstances,” it added.