The Reserve Bank of India (RBI) has imposed several restrictions on Indian Mercantile Cooperative Bank Ltd, Lucknow, including a cap of Rs 1 lakh on withdrawals. The restrictions were imposed from the closure of business hours on 28th January 2022.

In a statement, RBI said the Indian Mercantile Cooperative Bank would not grant or renew any loans and advances or make any investment without the central bank’s approval. “Especially, a total balance not exceeding Rs 1 lakh in all savings bank or current accounts or any other account of a depositor may be allowed to be withdrawn in certain conditions,” it said. “The central bank will continue to undertake banking business with restrictions till further notice. RBI may consider changes of these directions depending upon circumstances,” it added.