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Depositors' money is 100% safe, says troubled Bengaluru bank Chairman

Jan 14, 2020 13:16 IST

Assuring depositors that their money was completely safe with the bank, Sri Guru Raghavendra Sahakara Bank Chairman K. Ramakrishna said 62 loans had locked up ₹300 crore of deposit which led to the restriction on lender's operation by the central bank. The Reserve Bank of India had placed restrictions on Sri Guru Raghavendra Sahakara Bank from January 10, which includes a withdrawal limit of ₹35,000 for customers. The Bengaluru-based private lender cannot issue new loans or make any new investments without prior approval from the banking regulator for the next six months.

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