Case Brief
The Reserve Bank of India extended the existing directions against Nashik Zilla Girna Sahakari Bank Ltd., Nashik, Maharashtra, for six months from the close of business on March 9, 2016 to September 9, 2016. The extension preserved the earlier operating restrictions, while adding a limited modification permitting withdrawals of up to ₹10,000 from each deposit account, subject to first adjusting any dues owed to the bank by the depositor. RBI clarified that the extension and modification should not be taken as evidence of substantive improvement in the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra