The RBI's aggressive stance will continue to apply to the bank till October 31

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Mumbai, Ta. 30 April 2020, Thursday

The central bank has been tightening its grip on the country's co-operative banks for some time. That is why the RBI has banned or extended the ban on more than six operative banks in about eight months. Under it, the ban on Mumbai-based co-operative bank 'The Needs of Life Co-operative Bank Limited' has also been extended. The bank will now be banned till October 31.

The bank was banned for six months by the Reserve Bank in October 2018. Under it, the bank was not allowed to give any new loan or renew the old loan. The ban on the bank has since been extended twice. The bank has been allowed to conduct banking business under sanctions as its financial condition improves.

The RBI has banned withdrawals from the bank, meaning that people associated with the bank will still not be able to withdraw money for six months. In addition, the Reserve Bank of India has extended the sanctions on Madgaon Urban Co-operative Bank Limited for three months till August. The sanctions imposed on that bank were due to expire on May 2, 2020.

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