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Business EconomyPosted at: Jan 6 2016 1:11PM


RBI extends Directions issued to the Brahmawart Commercial Co-operative Bank Ltd

Mumbai, Jan 6 (UNI) The Reserve Bank of India (RBI) has extended
Directions issued to the Brahmawart Commercial Co-operative Bank
Ltd., Kanpur for a further period of three months from January 06,
2016 to April 06, 2016, subject to review.
The bank has been under directions since July 07, 2015 issued under
Section 35A of the Banking Regulation Act, 1949 (AACS).
According to the Directions, Brahmawart Commercial Co-operative Bank
Ltd., Kanpur cannot and without prior approval of the Reserve Bank
in writing 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 Reserve Bank’s Directions. Further, the
bank can allow its depositors to withdraw a sum not exceeding ?
40,000 (Rupees Forty thousand only) of the total balance in every
savings bank or current account or any other deposit account on one
occasion during the entire period of Directions, that is, from July
07, 2015 to April 06, 2016.
The other terms and conditions of the directive shall remain
unchanged. A copy of the directive dated December 30, 2015 is
displayed at the bank’s premises for the perusal of public.
The modification of the directive by the Reserve Bank should per se
not be construed as improvement or deterioration in the financial
position of the bank. The Reserve Bank may consider modifications of
the directive depending upon circumstances.
UNI JS NV RAI1311
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