Case Brief
The Reserve Bank of India partially modified its earlier directive of April 10, 2015 for HCBL Co-operative Bank Ltd., Lucknow, and relaxed the withdrawal restrictions on June 29, 2015. The earlier provision allowing only up to Rs. 1,00,000 to be withdrawn from each deposit account was replaced so that depositors may withdraw their full balances, subject to adjustment against any liabilities to the bank, and another related paragraph was omitted. The modification was issued under Sections 35A and 56 of the Banking Regulation Act, 1949. All other conditions of the original directive continued unchanged and remained valid till the close of business on October 15, 2015, subject to review.
Action Snapshot
- Primary Impact
- Lifted
- Entity Type
- Co-operative bank
- Location
- Lucknow, Uttar Pradesh