The Reserve Bank of India notified that Lokseva Sahakari Bank Ltd., Pune, was placed under directions for a period of six months vide directive dated May 19, 2014, from the close of business on May 20, 2014. The validity of the directions was extended thrice, for a period of six months each, vide order dated November 12, 2014; dated May 06, 2015 and dated November 04, 2015. It is hereby notified for the information of the public that the period of operation of the directive dated May 19, 2014 read with directive dated November 12, 2014; May 06, 2015 and November 04, 2015 has been extended for a further period of six months from May 19, 2016 to November 19, 2016 vide modified order dated May 13, 2016 subject to review and subject to the following modification:
‘A sum not exceeding ₹ 1,00,000/- (Rupees one lakh only) in every savings bank or current account or term deposit account or any other deposit account (by whatever name called), may be allowed to be withdrawn by depositor, provided that wherever such depositor is having liability to the bank in any manner, i.e. either a borrower or surety, including loans against the bank deposits, the amount may be adjusted first to the relevant borrowal account/s.’
The other terms and conditions of the directive under reference shall remain unchanged. A copy of the directive dated May 13, 2016 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 above bank.
Press Release : 2015-2016/2697