Case Brief
RBI reviewed the financial position of Shree Ganesh Sahakari Bank Ltd., Nashik, Maharashtra and extended the validity of the existing Section 35A directions for a further six months from March 30, 2017 to September 29, 2017. The modified order increased the permissible withdrawal limit to Rs 70,000 per savings/current/term deposit or other deposit account, with any bank liability to be adjusted first. It also stated that the bank may renew regular and secured Cash Credit accounts, set off loans against deposits, and enroll new members, subject to the terms and conditions in the March 24, 2017 order; all other conditions continued unchanged.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra