Customers gather outside SGRSBN bank as RBI restricts co-op bank’s operations


Team Udayavani, Jan 13, 2020, 4:43 PM IST

Bengaluru: Hundreds of customers gathered outside Sri Gururaghavendra Sahakara Bank Niyamitha (SGRSBN), a co-operative bank in Bengaluru’s Basavanagudi on Monday, January 12 after RBI issued a notice restricting the bank’s operations from Saturday.

The Reserve Bank of India (RBI) had curbed a Bengaluru-based private co-operative bank from doing business with immediate effect for alleged irregularities in transactions.

“Sri Guru Raghavendra Sahakara Bank in Bengaluru shall not, without prior approval of the RBI in writing, grant or renew loans and advances, make investment, borrow funds or accept fresh deposits from January 10, 2020,” the RBI said in a directive was quoted speaking to IANS.

The central bank’s Chief General Manager Yogesh Dayal issued the directive under Sections 35A and 56 of the Banking Regulation Act, 1949, from Mumbai. The RBI, however, allowed the bank’s savings and current account customers and depositors to withdraw cash up to Rs 35,000 only till further notice.

“The private bank will also not disburse payment whether in discharge of its liabilities and obligations or otherwise, enter into compromise or arrangement and sell, transfer or otherwise dispose its properties or assets except, as instructed on January 2, 2020,” said the directive.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Drugs worth Rs 6 crore seized in Bengaluru, five arrested

Siddaramaiah urges Nirmala Sitharaman to address NABARD’s loan cuts to farmers

Karnataka HC denies anticipatory bail to Prajwal Revanna in sexual harassment case

Delhi court stays defamation case against CM Atishi

Awards don’t create value for independent films in India: Manoj Bajpayee

Public Alert: Cyber fraudsters impersonating traffic police to demand fines

UP: 25 people booked for attacking civic officials for encroachment removal

Related Articles More

Drugs worth Rs 6 crore seized in Bengaluru, five arrested

Siddaramaiah urges Nirmala Sitharaman to address NABARD’s loan cuts to farmers

BJP stages protest against Congress govt in Karnataka over Waqf properties row

Loyalty Remembered: Mangaluru Airport’s K9 hero Jack passes away

Waqf issue: BJP stages Namma Bhoomi Namma Hakku protest in Bengaluru

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Air pollution: SC flags Delhi govt’s failure to implement GRAP-4 curbs on entry of trucks

Drugs worth Rs 6 crore seized in Bengaluru, five arrested

Siddaramaiah urges Nirmala Sitharaman to address NABARD’s loan cuts to farmers

Satwik-Chirag enter semifinals, Lakshya loses to Antonsen in China Masters

BJP stages protest against Congress govt in Karnataka over Waqf properties row

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.