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After Lakshmi Vilas Bank, RBI Now Imposes a 6-Month Ban On This Bank

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After Lakshmi Vilas Bank, the Reserve Bank of India has banned Mantha Urban Coop Bank in Jalna district of Maharashtra. RBI has imposed this restriction for 6 months, which means that customers of this cooperative bank will no longer be able to withdraw money from accounts. The bank has been banned from accepting new deposits. It will not be able to make any payment nor compromise on any kind of payment.

RBI Gave Information On Tuesday

Regarding the Mantha Urban Cooperative Bank, RBI said in a release on Tuesday that it has given some instructions to this bank, which will be effective for six months from the bank’s closure on 17 November 2020.

According to these instructions, this bank will not be able to give any loan without RBI permission. With this, neither the old loan can be renewed and any investment can be made.

Lakshmi Vilas Bank Also In Trouble

The central government has imposed various restrictions by putting the private sector troubled Lakshmi Vilas Bank in the Moratorium. The Finance Ministry said that the bank has been kept under Moratorium till December 16. The center has also fixed the withdrawal limit of the bank’s customers. Now for a month, bank customers will be able to withdraw a maximum of Rs 25,000 every day.

RBI Approval For More Than 25 Thousand Withdrawals

The Finance Ministry stated that Lakshmi Vilas Bank has been placed under the Moratorium on the basis of the application given by the Reserve Bank of India under Section-45 of BR Act. Until the Moratorium remains in force, the bank cannot pay more than Rs 25 thousand to the depositor. For this, the bank will have to take permission from the Reserve Bank for more payment.

Also, on the written order of the central bank, Lakshmi Vilas Bank can pay more than the prescribed limit.

The Bank Is 94 Years Old

LVS Bank was formed in 1926. The bank operates 566 branches and 918 ATMs in 16 states across the country. The bank had assured its customers that the current crisis would not affect their deposits. The bank had said that the assets of depositors, bondholders, account holders, and creditors are fully secured with a liquidity protection ratio (LCR) of 262 percent.

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