Depositors queue up as RBI imposes regulations on Mahalakshmi Cooperative Mercantile Bank

Chhotaudepur: The Reserve Bank of India (RBI) has imposed regulations as per 35 A on Mahalakshmi Cooperative Mercantile Bank near Club Road in Chhotaudepur. Due to the regulations, account holders can withdraw only Rs. 30,000 within 6 months. This has caused agitation among the account holders of the bank.

RBI imposes these regulations on a bank when it is likely to liquidate due to the purported mismanagement of the bank or when the bank doesn’t follow the rules and regulations of the RBI.

Chhotaudepur social leader and merchant, Saurabhbhai Shah, said that no warning was given to the account holders about the regulations to be imposed on the bank.

The Mahalakshmi Cooperative Mercantile Bank has its head office in Dabhoi, and the bank’s branch is also located in Sadhli. Branch managers Jayeshbhai and Ambesh Vyas from Vadodara have informed the account holders and stakeholders about the details of the situation. Deposits can be renewed for the receipt, but they cannot be withdrawn. Locker holders have relaxations as per the rules.

The deposits of every depositor of the bank up to Rs. 5 lakh are safe by insurance by DICGC, as per the new guidelines of RBI.  DeshGujarat