After Lakshmi Vilas Bank, Reserve Bank of India has banned Manta Urban Cooperative Bank in Jalna district of Maharashtra. That is, now the customers of this bank will not be able to make cash payments and loan transactions. RBI has imposed this restriction for 6 months, that means that customers of this cooperative bank will no longer be able to withdraw money from accounts. Explain that the bank has been banned from accepting new deposits. He will not be able to make any payment nor compromise on any kind of payment.
Regarding the Manta Urban Cooperative Bank, the RBI said in a release on Tuesday that it has given some instructions to this bank, which will be effective for six months from the bank’s closure on 17 November 2020. According to these instructions, this bank will not be able to give any loan or loan without RBI permission. With this, neither the old loan can be renewed and any investment can be made.