four co-operative banks Saibaba Janata Sahakari BankThe Suri Friends Union Co-Operative bank ltdSuri (West Bengal) and National Urban Cooperative Bank Ltd., Bahraich – Sanctions have been imposed on them by the Reserve.

In view of their deteriorating financial condition, reserve Bank of India Withdrawal of Rs 20,000 has been imposed on Saibaba Janata Sahakari Bank and Rs 50,000 for The Suri Friends Union Co-operative Bank.

The withdrawal limit per customer for National Urban Co-operative Bank has been fixed at Rs 10,000.

These restrictions are set to remain in place for six months. Additionally, RBI has also imposed penalties for violation of ‘fraudulent classification and reporting by commercial banks and select financial institutions’.