After Lakshmi Vilas Bank, RBI imposes withdrawal limit on THIS bank
India TV NewsReserve Bank of India on Tuesday imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months. The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020. The bank will continue to undertake banking business with restrictions till its financial position improves, the central bank said, and added it may consider modifications of the directions depending upon circumstances. RBI puts Lakshmi Vilas Bank under moratorium The government on Tuesday imposed a 30-day moratorium on Lakshmi Vilas Bank, restricting cash withdrawals at Rs 25,000 per depositor, and simultaneously announced a scheme to merge the cash-strapped lender with DBS India. The Reserve Bank also superseded the board of Lakshmi Vilas Bank and appointed T N Manoharan, former non-executive chairman of Canara Bank, as its administrator for 30 days.