The restrictions imposed by Reserve Bank of India on Pusad Urban Cooperative Bank have been extended for another three months. The curbs, which were earlier valid till May 7, limit customer withdrawals to Rs5,000 and also prohibit the bank from accepting fresh deposits or sanctioning new loans.
The cooperative bank landed in trouble after its former managing director was booked in connection with the suicide of government contractor PV Verma. The case had triggered regulatory scrutiny, following which the RBI imposed restrictions on the bank’s operations.
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