Case Brief
RBI issued a modification to the existing Section 35A directions applicable to Shree Ganesh Sahakari Bank Ltd., Nashik, which had been under directions since April 1, 2013 and extended from time to time up to September 29, 2016. The revised directive increased the amount that could be withdrawn by a depositor from ₹1,000 to ₹50,000 per savings bank, current account, term deposit account, or other deposit account, subject to adjustment of any liabilities owed to the bank. The bank was required to keep the required funds in an escrow account and/or earmarked securities for payment to depositors. The release states that all other terms and conditions of the original directions continue unchanged.
Action Snapshot
- Primary Impact
- Lifted
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra