Case Brief
The Reserve Bank of India has extended the operative period of its directive dated November 02, 2018 issued to The Adoor Co-operative Urban Bank Limited, Adoor under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directions, which were valid up to May 09, 2019, will now continue from May 10, 2019 to November 09, 2019, subject to review, with all other terms and conditions unchanged. Under the directions, depositors may withdraw only up to Rs 2,000 from each savings, current, or other deposit account, and the bank cannot, without prior written RBI approval, grant or renew loans and advances, make investments, incur liabilities including fresh deposits and borrowings, disburse payments, enter into compromises or arrangements, or sell, transfer, or dispose of assets except as specifically permitted.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location