During January 2020 the RBI directed which Bengaluru-based cooperative bank to stop doing business with immediate effect?
A. Sri Guru Raghavendra Sahakara Bank
B. Karnataka State Co-operative Apex Bank
C. Karnataka Sahakari Bank
D. TJSB Sahakari Bank Ltd.
Answer:A
During January 2020 the RBI directed which Bengaluru-based cooperative bank to stop doing business with immediate effect?
A. Sri Guru Raghavendra Sahakara Bank B. Karnataka State Co-operative Apex Bank C. Karnataka Sahakari Bank D. TJSB Sahakari Bank Ltd.
Explanation: The Reserve Bank of India (RBI) issued a notice asking Sri Guru Raghavendra Sahakara Bank, a co-operative in Bengaluru, to stop doing business with immediate effect, for alleged irregularities. The RBI, however, allowed the bank's savings and current account customers and depositors to withdraw cash up to Rs. 35,000 only till further notice. The bank has been in operation since 1999.