RBI extends restrictions on Karnataka's Millath Co-Operative Bank till May

The Reserve Bank on Tuesday extended the restrictions on Millath Co-Operative Bank, Devangere (Karnataka), by another three months till May 7, 2022. As per the directions issued first on May 10, 2019, withdrawals were capped at Rs 1,000 from any account. The directions have been periodically extended till now.

In a press statement on Tuesday, the RBI said other terms and conditions of the directives will remain unchanged during the latest three-month extension.

The directions also include no new loans, new investments or taking on any new liabilities, including borrowing of funds or paying any other liabilities, sans RBI approval.