The Reserve Bank of India has notified that in partial modification of its directive it has, vide directive dated September 23, 2015, relaxed the directions imposed on the Brahmawart Commercial Co-operative Bank Ltd., Kanpur Now, depositor will be allowed to withdraw up to ₹ 40,000/- (Rupees Forty Thousand only) per depositor (including ₹ 1,000/- wherever already allowed) subject to the conditions specified in the modified directive. All other provisions of the earlier directive dated June 30, 2015 shall remain unchanged and shall continue to be valid up to the close of business on January 06, 2016, subject to review.
The Directions were imposed in exercise of powers vested in the Reserve Bank under sub section (1) of Section 35A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949. A copy of the directive is displayed in the bank's premises for perusal by interested members of public.
The above relaxation has been granted with a view to reducing the hardship of the depositors and should not per se be construed as improvement in the financial position of the bank. The Reserve Bank may consider modifications of these Directions depending upon circumstances.
Assistant General Manager
Press Release : 2015-2016/795