RBI Guwahati Cooperative Bank customers will face restrictions as they will not be able to withdraw more than ₹35,000 as this bank is facing severe restrictions from RBI.RBI took action against this bank on Wednesday as they will be facing a series of restrictions to this bank which will unfortunately affect customers as well since they will be restricted from accessing their own money in their own accounts. In addition to the restrictions placed by the bank, RBI explains that customers will be unable to withdraw more than ₹35,000, which means customers cannot withdraw more than 35,000 from their accounts. These restrictions will only be placed on this bank. Other banks will not be impacted in this manner. The RBI took this action in response to the condition of the bank, The Guwahati Cooperative Urban Bank, which is a bank located in the 7th Floor, 7th No. P.R. Dutta Road, Guwahati, Assam.RBI restrictions will remain in effect for the next 6 months.All restrictions the Reserve Bank of India have been in effect since the bank closed on Tuesday and will remain for the next 6 months. Per the guidelines, the co-operative bank cannot issue any new loans or renew loans without the Reserve Banks permission and cannot make any new investments, owe any new liabilities or make any payments. The bank will not be able to allow customers to withdraw their funds. The Reserve Bank of India said, Given the current liquidity position of the bank, the bank has been directed not to permit depositors to withdraw an excess of Rs. 35,000 concerning their savings bank or current accounts, or any other account, although loan adjustments are permitted.Customers will be entitled to receive deposit insurance claim amount up to Rs 5 lakh from DICGCRecently, the Reserve Bank stated that it had discussions with the Board and Senior Management of Guwahati Cooperative Urban Bank in order to enhance the bank's operations.However, the report cited the bank's failure to take substantial actions to counter supervisory risks and to safeguard depositors' interest as the reason for the directions issued. Of the depositors, those eligible will be able to collect the amount of deposit insurance claim to the tune of Rs. 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
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