Depositors of a Maha co-op bank can withdraw only Rs 1,000: RBI

Tags: News
Depositors of Shatabdi Mahila Sahakari Bank of Thane in Maharashtra can withdraw only Rs 1,000 of their total balance, as per RBI's directions in view of the financial position of the bank.

"The Reserve Bank of India has issued certain Directions to Shatabdi Mahila Sahakari Bank. Under the directions, depositors will be allowed to withdraw only Rs 1,000 of the total balance in every savings bank or current account or any other deposit account," the apex bank said in a release today.

Further, RBI has also restrained the bank from granting or renewing any loans and advances, making any investment, incurring any liability including borrowal of funds and acceptance of fresh deposits, disbursing or agreeing to disburse any payment.

RBI has also put curbs on operations such as entering any compromise or arrangement and selling, transferring or otherwise disposing of any of its properties or assets.

"It can do so only with prior approval in writing from the Reserve Bank of India," the release said.

RBI also clarified that its directions should not per se be construed as cancellation of its banking licence as the bank will continue to undertake banking business with restrictions till its financial position improves.

The Reserve Bank may consider modifications of these directions depending upon circumstances, it added.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The survey paints an optimistic future, but sees little scope for a bang

    The Economic Survey, which comes out a day before the Union budget, is widely regarded as its forerunner, an indicator of things to come 24 hours late

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schoettli

The hidden attractions of Japan

We live in the Asian century. During the past two ...

Zehra Naqvi

Star power

Being a part of the generation that gorged on Shah ...

Bubbles Sabharwal

The waking moment decides the day

There was a little girl/ Who had a little curl/ ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture