Case Brief
RBI notified that Nashik Zilla Girna Sahakari Bank Ltd., Nashik, Maharashtra, had its existing directions extended for a further six months from September 10, 2016 to March 09, 2017. The extension continued the earlier Section 35A-style restrictions, with a modification allowing withdrawal of up to ₹20,000 from each depositor’s accounts, subject to adjustment against any liabilities to the bank. RBI also clarified that the extension and modification should not be taken to mean that the bank’s financial position had substantively improved.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra
- Order Date