RBI Imposed Restrictions on Bengaluru Based Co-operative Bank**

BANKING AND ECONOMY

● The Reserve Bank of India (RBI) imposed several restrictions on Bengaluru-based ‘Shushruti Souharda Sahakara Bank Niyamita’ due to its declining financial position.
● The imposed restrictions shall remain in force for a period of six months and are subject to review.
● Without the approval of RBI, the cooperative bank cannot grant or renew any loans and advances, make any investment, incur any liability and accept fresh deposits.
● The maximum amount fixed for withdrawal was Rs 5,000 per account (savings bank or current accounts or any other account).
● Co-operative banks are financial entities established on a cooperative basis and belonging to their members, who are both owners and customers of their bank. 
 

Facts to know:
 

● The registration and management activities of Urban cooperative banks are managed by the Registrar of Cooperative Societies (RCS).
● The first urban cooperative credit society was registered under Cooperative Credit Societies Act, 1904 in Canjeevaram.

Shushruti Souharda Sahakara Bank Niyamita
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