RBI puts Rs 1,000 withdrawal cap on Deccan Urban Co-operative Bank

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The Reserve Bank has barred Karnataka-based Deccan Urban Co-operative Bank Ltd from granting fresh loans or accepting deposits and customers cannot withdraw more than Rs 1,000 from their savings account for a period of six months.
The lender has also been asked not to make fresh investments or incur any liability without its prior permission.
The bank will continue to undertake banking business with restrictions till its financial position improves.
The Reserve Bank may consider modifications of the directions depending upon circumstances.
The directions are set to remain in force for six months from the close of business on February 19, 2021 and are subject to review.