Case Brief
The Reserve Bank of India reviewed the financial position of Sri Bharathi Co-operative Urban Bank Ltd., Hyderabad and extended the earlier directions issued on August 24, 2016 for six more months, from March 1, 2017 to August 31, 2017, subject to review. RBI also modified the withdrawal paragraph to allow only up to ₹50,000 to be withdrawn from each savings, current, term deposit, or other deposit account, with provisions for adjusting dues where the depositor has liabilities to the bank. Additional terms allow renewal of certain standard and secured CC accounts and permit set-off of loans against deposits only under stated KYC, consent, and legal-condition requirements. The directions were issued under Section 35A of the Banking Regulation Act, 1949 read with Section 56.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location