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RBI imposes curbs on Babaji Date Mahila Sahakari Bank; caps withdrawals at Rs 5,000

The RBI has imposed several restrictions on Maharashtra-based Babaji Date Mahila Sahakari Bank, including capping withdrawals at 5,000 rupees for customers, amid deterioration in the lender’s financial position.

The restrictions will remain in force for six months. According to Reserve Bank, Babaji Date Mahila Sahakari Bank, Yavatmal, should not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, and incur any liability.

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The liability part includes borrowing of funds and acceptance of fresh deposits.

Without RBI’s nod, the cooperative bank cannot also disburse or agree to disburse any payment, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets.

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