RBI imposes restrictions on Mumbai-based Raigad Sahakari Bank

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’.