Business & Finance

RBI Puts Rs 1000 Withdrawal Cap For Karnataka’s Deccan Urban Co-operative Bank

RBI

According to the RBI directive, customers of Deccan Urban Co-operative Bank will not be able to withdraw more than Rs.1000.

 

The Deccan Urban Co-Operative Bank Ltd of Karnataka is the latest to come under RBI embargo. On the evening of 19 February, the Reserve Bank of India imposed restrictions on the withdrawal for Deccan Urban Co-operative Bank customers. This restriction will remain in force for 6 months at present. RBI has started investigating the bank administration.

Withdrawal of more than Rs 1000 Not Allowed

According to the RBI directive, customers of Deccan Urban Co-operative Bank will not be able to withdraw more than Rs.1000. The restrictions will be applicable on all types of accounts, be it a Saving Account or Current Account. Currently, these restrictions have been imposed for 6 months. RBI said that the financial position of the bank will be reviewed after which further decision will be taken.

Deccan Urban Co-operative Bank of Karnataka will no longer be able to offer new loans to customers. Apart from this, no more money will be deposited in the bank. RBI has taken this decision in view of the cash position of the bank. All the transactions of Deccan Urban Co-operative Bank are being investigated. RBI’s effort is to maintain a balance between deposits and withdrawals so that there is no risk of bank sinking

Bank license not cancelled

RBI has made it clear that Deccan Urban Co-operative Bank has been put under restrictions for the purpose of investigation but the license of the bank has not been cancelled. This means that the money of the customers is completely safe now, but they cannot withdraw money on their own free will. The RBI has also appealed to the customers of the bank to ignore any rumours.

Dear Readers,
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
Some error occurred

Related posts

National

Delhi Police Detains One Person In Sexual Extortion Case

ANI
Person Detains

Delhi Police have arrested one person from Rajasthan in connection with a sexual extortion case, officials said on Monday.

New Delhi:  Delhi Police have arrested one person from Rajasthan in connection with a sexual extortion case, officials said on Monday.

They said the accused is the kingpin of the gang, which used to extort money from their victims by blackmailing them. The gang would threaten them that it has a video of the victim in a compromising position and would make the video viral if its demands are not met. The accused has been identified as Govind Ram (23), from the Bharatpur district of Rajasthan.

“Working against the cyber frauds, under the ‘Operation: Clean Sweep’, the staff of cyber police station of the outer district have busted a case of cyber fraud and arrested one accused person who was involved in sexual extortion fraud,” a police official said.

Police said the accused was arrested after a case was registered under section 384 of the Indian Penal Code (IPC) at the Cyber Police Station of Outer District in April this year. Later, sections 120B/420/34 of IPC have also been added to the case.

The victim had alleged that someone, impersonating a girl, had sent him a WhatsApp message and talked with him. They also had a video call but the victim could not understand he was being defrauded. After a few days, the caller sent him a morphed video that showed the victim with a female, police said.

Also Read:  “Job Seekers Need To Be Encouraged As Job Providers”: RSS Gen Secy Dattatreya Hosabale

The victim said the accused demanded money for not sharing the video on social media. He then transferred Rs 12,500 to the blackmailer from his account.

“During the investigation, details of the suspected bank accounts and phone numbers were analysed. It was found the alleged mobile number was mostly located in Rajasthan,” police said.

On September 12, a police team went to Rajasthan and Govind Ram was arrested from Bharatpur, they said.
“Tree mobile phones, which were used in the commission of the crime, were recovered. Efforts are being made to arrest the co-accused,” they added.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

Related posts

News Hub