Case Brief
The Reserve Bank of India had earlier placed Kerala Mercantile Co-operative Bank Ltd., Kozhikode under Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949, and those directions were extended and modified over time. The latest modification had allowed limited withdrawals of up to ₹50,000 from deposit accounts, subject to conditions. In this release, RBI states that it is withdrawing those directions, effective August 28, 2020.
Action Snapshot
- Primary Impact
- Lifted
- Entity Type
- Co-operative bank
- Location
- Kozhikode, Kerala
- Order Date