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Date : Jun 19, 2020
Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949– Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka –Enhancement of withdrawal limit for depositors to ₹1 lakh

Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka 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 10, 2020 vide Directive DOS.CO.UCB.BSD-III D-2/12.23.283/2019-20 dated January 02, 2020 in the interest of depositor protection. The withdrawal limit per depositor under the existing directions is ₹35,000/-.

On a review of the bank’s liquidity position and its ability to pay the depositors, it has been decided to enhance the limit for withdrawal per depositor to ₹1,00,000/- (Rupees one lakh only), inclusive of ₹35,000/- allowed earlier. With the above relaxation, more than 54% 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 shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2019-2020/2522


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