reserve Bank of India Ban on customers on Wednesday Thodupuzha Urban Cooperative Bank, KeralaBy withdrawing funds as part of several Sanctions imposed on the lender due to its deteriorating financial condition. Reserve BankIn a statement, the ban on the bank came into effect from the closure of business on Tuesday.

“Keeping in view the present liquidity position of the bank, no amount may be allowed to be withdrawn from the total balance in all savings bank or current accounts or any other account of the depositor but to adjust the loan against the deposit. is allowed to…” it said.

The restrictions will remain in force for six months from the close of business on August 23, 2022.

The bank cannot grant or renew any loans, make any investments, and accept fresh deposits without the prior approval of the RBI.

The Reserve Bank also said that the direction to the co-operative bank should not be construed as cancellation of banking license by RBI.

The Bank will continue to do banking business with restrictions till its financial position improves.