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RBI imposes restrictions on Musiri Urban Co-operative Bank

Current GK (SBI-PO) Rural Banking and financial institutions
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RBI imposes restrictions on Musiri Urban Co-operative Bank

The Reserve Bank of India (RBI) on March 3 imposed restrictions on Musiri Urban Co-operative Bank Ltd till its financial position improves.

  • Under the restrictions, the bank cannot grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment.
  • Further, the central bank also said that it also restricts the bank from entering into any compromise or arrangement and selling, transferring or otherwise disposing of any of its properties or assets except as notified in the RBI Direction.
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