RBI restricts withdrawals from this Bank. Find out more!

Mumbai, 11/2: The Reserve Bank of India(RBI) has restricted the withdrawals from Nashik-based Independence Co-operative Bank Limited. The RBI has taken the decision because of the present liquidity position of Independence Co-operative Bank Limited.

RBI said in a statement that depositors should not feel worried as 99.89 percent of the depositors are fully covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance scheme.

RBI said, “Considering the bank’s present liquidity position, no amount from the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, but are allowed to set off loans against deposits subject to…conditions…”

The RBI has also put some other restrictions on Independence Co-operative Bank Limited from the close of business on Wednesday.