![RBI imposes restrictions on Mumbai-based Raigad Sahakari Bank](https://www.gkseries.com/blog/wp-content/uploads/2022/07/download-2022-07-21T112613.895.jpg)
RBI has imposed restrictions on Mumbai-based cooperative bank, Raigad Sahakari Bank.
Reason: Worsening of financial situation of the lender.
The restrictions also include a withdrawal limit of Rs 15,000 per customer and it will remain in force for a period of six months. RBI has also imposed a penalty of Rs 6 lakhs on Shri Chhatrapati Rajarshi Shahu Urban Co-operative Bank Limited for contravention of provisions related to ‘Frauds – Classification and Reporting’.