RBI imposes restrictions on Puducherry Co-op Urban Bank, caps withdrawals ...Middle East

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RBI imposes restrictions on Puducherry Co-op Urban Bank, caps withdrawals
source : Business Standard ( Middle East ) () 38
The Reserve Bank on Wednesday imposed several restrictions on Puducherry Co-operative Urban Bank, including capping of withdrawals by a customer at Rs 5,000, in view of the deteriorating financial position of the lender. The restrictions will remain in force for six months from the close of business on Wednesday (October 21, 2026) and are subject to review, the Reserve Bank of India (RBI) said in a statement. Eligible depositors would be entitled to receive a deposit insurance claim amount of up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). In the recent past, the central bank has engaged with the Board and Senior Management of Puducherry Co-operative Urban Bank for improvement in its functioning, RBI while issuing 'Directions' under relevant sections of the Banking Regulation Act, 1949. "However, lack of concrete efforts taken by the bank to address the supervisory concerns and protection of the interest of depositors of the bank have ...

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