Current Affairs - Banking - Discussion

The Reserve Bank of India has restricted People's Co-operative Bank located in Kanpur, Uttar Pradesh from granting fresh loans and accepting deposits for six months from June 10, 2020, due to its weak financial position 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 . The bank is barred from selling, transferring or disposing any of its properties or assets.