REGULATING CO-OPERATIVE BANKING

This role is, perhaps, the most unheralded aspect of our activities, yet it remains among the most critical. This includes ensuring credit availability to the productive sectors of the economy, establishing institutions designed to build the country's financial infrastructure, expanding access to affordable financial services and promoting financial education and literacy.

Press Release

(332 kb)

Date : Jun 19, 2020

Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949- Kerala Mercantile Co-operative Bank Limited, Kozhikode- Enhancement of withdrawal limit for depositors to ₹50000

Kerala Mercantile Co-operative Bank Limited, Kozhikode, Kerala 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 June 04, 2019 vide Directive DCBS.CO.PCC.D-15/12.26.058/2018-19 dated May 29, 2019 in the interest of depositor protection. The withdrawal limit for depositors under the existing Directions is ₹2000 of the total balances held per depositor.

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 to ₹50000/- (Rupees Fifty Thousand only) per depositor, inclusive of ₹2000/- allowed earlier. With the above relaxation, more than 89% 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 as modified from time to time shall remain unchanged.

(Yogesh Dayal)
Chief General Manager

Press Release: 2019-2020/2524

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