RBI Asks Three Co-Operative Banks Not to Accept Fresh Deposits

The Reserve Bank of India (RBI) asked three district co-operative banks – Osmanabad District Central Co-operative Bank, Jalna District Central Co-operative Bank and Dhule and Nandurbar District Co-operative Bank not to accept fresh deposits including in savings bank account.

According to the notification of RBI, these three central co-operative banks must not accept fresh deposits including savings bank account, current account, fixed deposit account, recurring deposit accounts, etc. However, renewal of existing deposits would be allowed for deposit holders in the same name and same capacity. RBI further said that it may modify these directions depending upon the circumstances.

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