People can withdraw Rs 1000 from Shivajirao Bhosale Sahakari Bank
Npnews24 Online Pune : The Reserve Bank of India (RBI), which has placed the Shivajirao Bhosale Sahakari Bank Ltd., Pune, Maharashtra, under all-inclusive directions, on Monday allowed depositors to withdraw money from their accounts.
In a press release RBI stated, “Depositors will be allowed to withdraw a sum not exceeding Rs 1000 of the total balance held in every saving bank or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions. The Shivajirao Bhosale Sahakari Bank Ltd., Pune without prior approval in writing from the Reserve Bank, will also not be able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose any of its properties or assets except as notified in the RBI directions dated May 03, 2019. The Directions have been issued from the close of business on May 04, 2019.”
The RBI has clarified that it’s directions should not be construed as cancellation of banking licence by the Reserve Bank. The Shivajirao Bhosale Sahakari Bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these directions depending upon circumstances.
The directions are imposed in exercise of powers vested in the Reserve Bank under Sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the said Act.
A copy of the directions is displayed at the bank’s premises for perusal by interested members of public.
Comments are closed.