Case Brief
The Reserve Bank of India has modified, rather than withdrawn, the existing directions imposed on Bhopal Nagrik Sahakari Bank Ltd., Bhopal (M.P.). The bank had already been under directions since November 1, 2012, with the validity extended from time to time. In this release, RBI changed the withdrawal cap in paragraph 1(i) of the directive from ₹1,000 to ₹50,000 per savings, current, term deposit or other deposit account, while specifying that all other restrictions, conditions and provisions in the original directive would remain unchanged. The action was taken after RBI reviewed the bank’s financial position and said the modification was granted to reduce hardship to depositors.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Bhopal, M.P.