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RBI restricts withdrawals from Mantha Urban Coop Bank for 6 months
short by Rishabh Bhatnagar / on Wednesday, 18 November, 2020
The Reserve Bank of India on Tuesday imposed restrictions on withdrawals from Jalna, Maharashtra-based Mantha Urban Cooperative Bank for six months. The bank can also not grant loans or make any investments without prior approval of the RBI in writing. RBI clarified that these directions should not be construed as cancellation of Mantha's banking licence.