Rs 4.50 cr withdrawn from UTI Bank branches, ATMs

Around Rs 4.50 crore was withdrawn from branches and ATMs of UTI Bank in Gujarat.

Withdrawals started after the Vadodara Municipal Corporation (VMC) sealed a building that houses a branch of the bank. The builder had allegedly resorted to illegal construction in the building.

Atul Parikh, vice president, UTI Bank, said, "The panic lasted for just about an hour or two. While VMC can take action against illegal constructions, it ought to have ensured that the bank was allowed to function."

RBI and UTI Bank officials reached ATMs and told people that the bank was sound and stable. The bank fully loaded its ATMs to facilitate withdrawal.