Shree Mahalakshmi Mercantile Bank, located in Sultanpur and based in Dabhoi, has been issued a notice of restriction imposed by the RBI for 6 months. Details have been received that RBI has issued a notice due to financial condition of this bank. So long queues of customers of this bank were seen.
The Reserve Bank of India has issued a notice of imposition of restrictions for 6 months against Shree Mahalakshmi Mercantile Bank of Dabhoi. RBI has taken steps as the financial condition of the bank seems to be weak.
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However, the RBI has clarified that these restrictions will remain in place only until the financial condition of the bank improves. Following this action, there was a rush among the owners of Dabhoi and Vadodara today. Proceedings are under the Baking Control Act, 1949. The notice in this regard was published on March 2.
Long queues of customers were seen at Shree Mahalakshmi Mercantile Bank in Sultanpura of the city. RBI has directed that till the clarification is given by the bank, the customers will be able to withdraw only 30 thousand rupees in six months, a notice has been given. As a result, the tenants rushed to the bank to take their money. The RBI has clarified that these restrictions will remain in place only until the financial condition of the bank improves. RBI has taken action under the Banking Regulator Act 1949.
Deposits up to 5 lakhs of depositors placed in this bank are protected from V by DICGC. This is according to the new guidelines issued by the Reserve Bank of India. At present, the owner or other person can withdraw only 30 thousand rupees from the bank and henceforth the bank will not be able to approve or review any loan. It has been announced that even new investment cannot be made. At present, the deposit holders are also closing their bank lockers in this bank.
An attempt was made to communicate with the bank manager in this entire matter. But he avoided the matter by saying that he is working only as per RBI notice and other details will be available from head office Dabhoi. So now it will be seen that there are as many holders as possible through this bank. It remains to be seen whether the bank will come up with a clarification from the RBI when the situation has arisen where they will not be able to withdraw their money somewhere in the near future.
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According to the RBI guidelines, the owner or other persons can withdraw a maximum of Rs.30 thousand only. Henceforth the bank cannot sanction or renew any loan, make any new investment, take any loan fund, take any new deposit, make any payment or consent thereto, contingencies or sale of properties, Can't transfer, depositor can get insurance claim up to Rs.5 lakh.
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Because of this anger spread among traders and industrialists. Some others were confused as to what to do now. Besides Dabhoi, Mahalakshmi Bank branches are also operational at Club Road, Chotaudepur, New Laharipura Road in Vadodara. Where there was a crowd from morning.
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