The Reserve Bank of India notified that Nashik Zilla Girna Sahakari Bank Ltd., Nashik, Maharashtra, was placed under directions for a period of six months vide directive dated September 8, 2015 from the close of business on September 9, 2015. The validity of the directions was extended vide directive dated March 03, 2016 for a period of six months. It is hereby notified for the information of the public that the period of operation of the directive dated September 8, 2015 read with the directive dated March 03, 2016 has been extended for a further period of six months from September 10, 2016 to March 09, 2017 vide our directive dated August 25, 2016 subject to review and subject to the following modification :

1. A sum not exceeding ₹ 20,000/- (Rupees Twenty thousand only) of the total balance held in every savings bank or current account or term deposit account or any other deposit account (by whatever name called), may be allowed to be withdrawn by depositor, provided that wherever such depositor is having liability to the bank in any manner, i.e. either borrower or surety, including loans against the bank deposits, the amount may be adjusted first to the relevant borrowal accounts.

The other terms and conditions of the directive under reference remain unchanged.

A copy of the directive dated August 25, 2016 notifying the above extension and modificationis displayed at the bank’s premises for the perusal of public.

The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.

Anirudha D. Jadhav
Assistant Manager

Press Release : 2016-2017/636