Bad news: Don't deposit part 2! RBI restricts cash withdrawals up to Rs 35,000 in this bank //

As i had explained in my previous post Dont deposit money in bank, "Belive in self dependens life". Now we got one more proof, we are all became like beggers by believing in banks. Their plan is to make cash less india. But, don't think this is good for us. Let me explain; in urban areas the main business runs with cash on hand only for example ( Farmer sells his product of any kind, the buyer have to pay him right at that spot. When this fatty banks restrict cash withdrawals to ₹35,000 previously which was at ₹50,000 to ₹2,00,000. This will totally ruins their life. This system is useful only for Govt., corporates and filthy Banks). Last year 2019 i discussed with a private bank manager he told me that their per day cash release is slowly restricted by RBI, So that people will be forced to use only channel bank for any transaction. Finally they will make cash less which actually leads to disaster mark my words. As all of us will have been hand cuffed by looting, bilfering banks and government. They will take all your hard earned money without your notice in a fraction of seconds.
'Only cash in hand will save us'

Let's move to latest restriction i.e. Hand cuffing your one hand.
The Reserve Bank of India (RBI) has put restrictions on cash withdrawals for the account holders of a bank in Bengaluru, Karnataka. RBI has issued certain directions to Sri Gururaghavendra Sahakara Bank Niyamitha (SGRSBN) bank, whereby, as from the close of business on January 10, 2020, the bank will not be able to grant or renew any loans and advances, make any investment, incur any liability, including borrowing of funds and acceptance of fresh deposits.
The bank has also been stopped from disbursing any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets. In particular, a sum not exceeding Rs 35,000 of the total balance in every savings bank or current account or any other deposit account will only be allowed to be withdrawn. The maximum cash withdrawal limit for SGRSBN bank stands at Rs 35,000.

The directions by the RBI should not be construed as cancellation of banking license by RBI. The bank will continue to undertake banking business with restrictions till its financial position improves. As per RBI, the directions shall remain in force for a period of six months from the close of business of January 10, 2020 and are subject to review. The RBI had earlier issued written directions to the bank on January 2, 2020.

Sri Gururaghavendra Sahakara Bank Niyamitha is an urban cooperative bank and the RBI has issued directions in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949 (AACS). As per the bank’s website, the rate of interest on deposits of ‘1 year to less than 2 years’ was 8 per cent per annum and 8.5 per cent per annum on deposits of ‘2 years up to 5 years’.

The last time the RBI had issued directions were regarding the Punjab and Maharashtra Cooperative (PMC) Bank Limited, Mumbai, Maharashtra when the cash withdrawals were restricted for the account holders.


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