Case Brief
The Reserve Bank of India notified a partial modification of its earlier directive against Brahmawart Commercial Co-operative Bank Ltd., Kanpur. Under the modified terms, depositor withdrawals were relaxed to Rs 40,000 per depositor, including any amount already allowed, subject to specified conditions. However, all other provisions of the June 30, 2015 directive were left unchanged and continued to operate up to the close of business on January 6, 2016, subject to review. The directions were issued in exercise of powers under Section 35A of the Banking Regulation Act, 1949 read with Section 56.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Kanpur, Uttar Pradesh