Case Brief
The Reserve Bank of India partially modified its earlier Section 35A directions applicable to The City Co-operative Bank Ltd., Mumbai, Maharashtra. The bank had already been under directions since April 17, 2018, and the release increased the amount that a depositor may withdraw from ₹5,000 to ₹10,000 from their total balances in savings, current, term deposit, or other accounts. The modification also clarifies that if the depositor has any liability to the bank, withdrawals may first be adjusted against the relevant borrowal account(s). All other terms and conditions of the earlier directions remain unchanged.
Action Snapshot
- Primary Impact
- Lifted
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra