NCLAT: Cannot Withhold Income Tax Refund Received by Bank During CIRP In CD's Account  ||  All. HC: With S. 111 of BNS Covering 'Organised Crime' It Appears Gangsters Act has become Redundant  ||  P&H HC: Cannot Allow Changes in Admission Form after Submission  ||  Bom. HC: Findings in Criminal Proceedings Cannot Be Relied Upon While Adjudicating Civil Proceedings  ||  P&H HC Directs Jail Authorities to Decide Parole Applications within Four Months  ||  Allahabad HC: Merely Supporting Pakistan Will Not Prima Facie Attract Section 152 of BNS  ||  HP HC Upholds Wife’s Claim of Adverse Possession after Husband’s Death  ||  Patna HC: Maintenance may be Allowed in Disputed Marriages if Relationship Was Socially Accepted  ||  Karnataka HC: State to Respond in 3 Weeks regarding Mandatory Teaching of Kannada  ||  Delhi HC: Husband Unhappy in Marriage is No Proof of Abetment of Suicide    

Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - The City Co-operative Bank Ltd, Mumbai, Maharashtra- Relaxation in withdrawal limit- (Reserve Bank of India) (27 Dec 2018)

MANU/RPRL/0126/2018

Banking

The City Co-operative Bank Ltd, Mumbai, Maharashtra, was placed under directions vide directive dated April 17, 2018 from close of business April 17, 2018. The validity of the directions was extended from time to time vide subsequent Directives, the last being Directive dated October 15, 2018 extending the Directions upto April 17, 2019, subject to review. In terms of the existing directions, among other conditions, a sum not exceeding Rs. 1,000/- of the total balance in every savings bank or current account or any other deposit account by whatever name called, was allowed to be withdrawn by a depositor.

It is hereby notified for the information of the public that , the Reserve Bank of India, in exercise of powers vested in it under sub-sections (1) and (2) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that -

Paragraph 1 (i) of the Directive dated April 17, 2018 issued to The City Co-operative Bank Ltd., Mumbai and as modified vide Directive dated October 15, 2018 may be partly modified as under:

"i. A sum not exceeding Rs. 5,000/- (Rupees Five Thousand only) of total balance in every savings bank account or current account or term deposit account or any other deposit account (by whatever name called); may be allowed to be withdrawn by depositor, provided that wherever such depositor is having liability to the bank in any manner, i.e. either as a borrower or surety, including loans against the bank deposits, the amount may be adjusted first to the relevant borrowal account/s."

Other terms and conditions of the Directive dated April 17, 2018, as modified from time-to-time, shall remain unchanged.

A copy of the directive dated December 12, 2018 notifying the above extension is displayed at the bank's premises for the perusal of public.

The aforesaid modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.

Tags : DIRECTIONS   WITHDRAWAL LIMIT   RELAXATION  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved