RBI Caps Withdrawals At Rs 1 Lakh At This Lucknow-Based Bank

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.

"In particular, a sum not exceeding Rs 1 lakh of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn...", subject to certain conditions, it added.