PANJIM: Reserve Bank of India has imposed severe restrictions on the Madgaum Urban Co-operative Bank for the next six months. Since Thursday, the account holders have been barred from withdrawing more than Rs 5,000.
RBI has also asked the bank not to do any transactions such as granting of loans and advances, make investments, incur any liability including borrowings and acceptance of fresh deposits, disburse or agree to disbursement of any payments without prior approval in writing from RBI.
