Press Releases

PDF document (178 kb)
Date : Jun 25, 2019
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Shri Anand Co-operative Bank Ltd. Chinchawad, Pune, Maharashtra

The Reserve Bank of India (vide Directive dated June 21, 2019) has placed the Shri Anand Co-operative Bank Ltd. Chinchawad, Pune, Maharashtra, under Directions. According to the Directions, depositors will be allowed to withdraw a sum not exceeding ₹1000 (Rupees one thousand only) of the total balance in every saving bank or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions. Shri Anand Co-operative Bank Ltd. Chinchawad, Pune, Maharashtra without prior approval in writing from the Reserve Bank, will also not be able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI directions dated June 21, 2019. The Directions shall remain in force for a period of six months from the close of business of the bank on June 25, 2019.

The issue of the directions by the Reserve bank should not, per se, be construed as cancellation of banking licence by the Reserve Bank. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these directions depending upon circumstances.

The directions are imposed in exercise of powers vested in the Reserve Bank under Sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the said Act. A copy of the Directive dated June 21, 2019 is displayed at the bank’s premises for perusal by interested members of public.

Yogesh Dayal
Chief General Manager

Press Release: 2018-2019/3034


2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Archives
Top