RBI issues Directions to The R.S. Co-op. Bank Ltd., Mumbai, Maharashtra- Relaxation in payment of deposit - ఆర్బిఐ - Reserve Bank of India
RBI issues Directions to The R.S. Co-op. Bank Ltd., Mumbai, Maharashtra- Relaxation in payment of deposit
The Reserve Bank of India notified that The R.S. Co-op. Bank Ltd., Mumbai, Maharashtra, was placed under directions for a period of six months vide directive dated June 24, 2015. The validity of the directions was extended for a further period of six months and three months each vide directives dated December 21, 2015 and June 22, 2016 respectively and the same is valid upto September 25, 2016. In terms of the existing directions, among other conditions, a sum not exceeding ₹ 1,000/- of the total balance in every savings bank or current account or any other deposit account by whatever name called was allowed to be withdrawn by a depositor. The Reserve Bank of India, in exercise of the powers vested in it under sub-sections(1) and (2) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, has modified the directive vide its order dated August 11, 2016 issued to The R.S. Co-op. Bank Ltd., Mumbai, Maharashtra, as under:
The other terms and conditions of the directive under reference shall remain unchanged and shall continue to be valid upto the close of business on September 25, 2016 subject to review. A copy of the order dated August 11, 2016 is displayed at the bank’s premises for the perusal of public. The aforesaid modification, 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. Ajit Prasad Press Release : 2016-2017/426 |