RBI has stopped the Purvanchal Cooperative Bank in Ghazipur, from accepting any deposits or granting fresh loans and advances for six months due to alleged swindle of funds, reports HT.
The cooperative bank has also not maintained the statutory liquidity ratio (SLR) and violated the provisions of the Money Laundering Act. The bank has six branches and serves nearly 19,000 depositors with total deposits of about Rs 40 crore.
The Purvanchal Cooperative Bank, in Ghazipur, is one of the 59 urban cooperative banks operating in various districts of the state under a license from the Reserve Bank of India.