RBI places restrictions on Metro Bank

The Reserve Bank of India (RBI), on Thursday, placed restrictions under Section 35 (A) of Banking Regulations Act, on the Surat-based Metro Co-operative Bank Ltd.

The Metro Bank. The bank had sought withdrawal from the clearing house from today onwards after it faced a liquidity crisis.

The Surat Bankers' Clearing House had accepted the bank's plea and also proposed to the RBI to cease it's membership.