Case Brief
On RBI's application, the Central Government issued an Order of Moratorium against Nedungadi Bank Ltd. The moratorium ran from the close of business on November 2, 2002 through February 1, 2003. During this period, the bank could make only the payments specified in the order, and depositors were allowed to withdraw up to Rs. 5,000 from their accounts. RBI was to examine options such as amalgamation and complete plans aimed at protecting public deposits.
Action Snapshot
- Primary Impact
- License suspension
- Entity Type
- Bank
- Action Type
- License suspension
- Order Date