It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949,
In a press release RBI said it is hereby notified for information of the public that the Reserve Bank of India has issued certain Directions to The R.S. Co-operative Bank Ltd., Mumbai, Maharashtra.
In the wake of the Direction, the UCB shall not, without prior approval in writing from Reserve Bank of India, 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.
It can also not 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 24, 2015, the release read.
A copy of directions has been displayed on the bank’s premises for perusal by interested members of the public in particular. A sum not exceeding Rs one thousand of the total balance held in every savings bank or current account or any other deposit account by whatever name called, may be allowed to be withdrawn by a depositor subject to the conditions stipulated in the above RBI Directions.