The RBI imposed restrictions, including withdrawing money from one more bank

Lucknow, Ta. 12. Friday, June, 2020

The Reserve Bank of India has banned withdrawals from one more bank.

This is the third bank to face a financial crisis in the last one year. Maharashtra's PMC has banned Yes Bank and now Kanpur's People's Co-operative Bank for six months.

As such, the bank cannot give loans to customers and cannot even take deposits. On the other hand, customers will not be able to withdraw deposits from the bank.

The ban was imposed by the Reserve Bank of India (RBI) due to the bank's poor financial condition. .

Money cannot be withdrawn from any bank account till the new order. This order will be applicable for 6 months. However, the purpose behind it is not to cancel the license of the bank.