The RBI has directed the Bengaluru-based Amanath Co-operative Bank not to carry out any financial transactions without its permission says a statement posted by the apex bank on its website.
A copy of the RBI directions dated April 1, 2013, is displayed on the bank’s premises.
Only Rs 1,000 of the total balance in every savings bank or current account or any other deposit account may be allowed to be withdrawn subject to conditions by RBI.
The above directive will apply for a further period of six months from July 5, 2015 to January 4, 2016 subject to review.
“The RBI statement makes it clear that the directions should not be construed as cancellation of banking licence. The apex bank may consider modifications of these directions depending upon circumstances, the statement adds.