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Date: 19/06/2020
Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949– Youth Development Cooperative Bank Ltd., Kolhapur, Maharashtra –Enhancement of withdrawal limit for depositors

Youth Development Cooperative Bank Limited, Kolhapur, Maharashtra was placed under All-Inclusive Directions under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 with effect from close of business on January 05, 2019 vide Directive DCBS.CO.BSD-I/D-6/12.22.311/2018-19 dated January 04, 2019 in the interest of depositor protection. The withdrawal limit per depositor under the existing directions is ₹5000/-.

On a review of the bank’s liquidity position and its ability to pay the depositors, it has been decided vide Directive DOR.CO.AID No.D-90/12.22.311/2019-20 dated June 19, 2020 to enhance the limit for withdrawal to ₹20,000/- (Rupees Twenty Thousand only) per depositor, inclusive of ₹5000/-, allowed earlier. With the above relaxation, more than 76% of the depositors of the bank will be able to withdraw their entire account balance.

All other terms and conditions of the Directive under reference, as modified from time to time, shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2019-2020/2527

 
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