The Reserve Bank of India has issued certain Directions to Sri Satya Sai Nagrik Sahakari Bank Maryadit, Bhopal (M.P.). The directions shall continue to apply for a further period of six months from April 09, 2015 to October 08, 2015, subject to review.
The UCB is under directions from the close of business of April 09, 2010. According to the Reserve Bank’s directions, Sri Satya Sai Nagrik Sahakari Bank Maryadit, Bhopal (M.P.) cannot, grant or renew any loans and advances and related business without prior permission from the RBI.
In particular, the bank can allow its depositors to withdraw a sum not exceeding Rs one thousand of the total balance in every savings bank or current account or any other deposit account subject to conditions stated in the Reserve Bank of India’s Directions.
A copy of the Directions is displayed on the bank’s premises for perusal by interested members of public. The issue of the Directions by the Reserve Bank should per se not be construed as cancellation of banking licence by Reserve Bank, reads a press release.