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Date: 20/08/2019
Directions under Section 35A of Banking Regulation Act (AACS), 1949- The Adoor Co-operative Urban Bank Ltd., Adoor, Kerala- Relaxation in withdrawal limit of Deposit Accounts

The Reserve Bank of India, vide Directive dated November 02, 2018, had placed the Adoor Co-operative Urban Bank Ltd., Adoor, Kerala under Directions. According to the Directions, depositors were allowed to withdraw a sum not exceeding ₹2000 (Rupees Two Thousand only) of the total balance held in every savings bank or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions.

The Reserve Bank of India has reviewed the financial position of the said bank and considers it necessary in public interest to modify the aforesaid directions. Accordingly, vide modified Directive dated August 13, 2019, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India hereby directs that paragraph 1(i) of the Directive dated November 02, 2018, issued to Adoor Co-operative Urban Bank Limited, Adoor, be amended and henceforth the depositors will be allowed to withdraw a sum not exceeding ₹25,000/-(Rupees Twenty Five Thousand Only) of the total balance held in every savings bank or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directive dated August 13, 2019. Other terms and conditions of the Directive dated November 2, 2018 shall remain unchanged.

Yogesh Dayal
Chief General Manager

Press Release: 2019-2020/477

 
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