RBI imposes restrictions on Indian Mercantile Cooperative Bank; withdrawals capped at Rs 1 lakh

RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment.

New Delhi: The Reserve Bank on Friday said it has imposed several restrictions on Indian Mercantile Cooperative Bank Ltd, Lucknow, including a cap of Rs 1 lakh on withdrawals.

The restrictions came into force from closure of business hours on January 28, 2022 (Friday).

In a statement, RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment.