The Reserve Bank of India has issued certain Directions to Amanath Co-operative Bank Ltd., Bangalore. The directive shall continue to apply for a further period of three months from October 05, 2014 to January 04, 2015, subject to review.
According to the Directions, Amanath Co-operative Bank cannot, from the close of business on April 05, 2013 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 dated April 01, 2013.
In particular, the bank can allow its depositors to withdraw a sum not exceeding Rupees 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.
The directions were extended for a period of six months from October 05, 2013 to April 04, 2014 and further extended up to October 04, 2014.
The issue of the Directions by the Reserve Bank should per se not be construed as cancellation of banking licence by the Reserve Bank, RBI says.
The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances, it added.
Hi All,
i really don’t understand what our RBI trying to do???
Improve bank position and destroy minority hard earned money?
why is RBI not in position to sell the property/assets/funds attached to bank and give back the money to the customers.
as i am the customer of the bank,i really don’t understand what is RBI really want to do? if RBI really concern of the economy growth then give back the amount to the customers and let the customer invest in other bank and completely close the bank from the scratch.
Hope our Government Help Us and get relief from this unbearable pain of life.
i humbly request to the Prime Minister Narendra Modi Ji, to look into the matter personaly and give the direction to the RBI Governor and respective authority for the best and positive solution.
Hoping for the solution
Regards
Mohammed
May be top people at RBI have taken LOAN from AMANATH BANK and defaulted repayment hence we the account holders are facing this hardship from RBI
Instead of helping account holders RBI is there to close the BANK permanently
Hi All,
i really don’t understand what our RBI trying to do???
Improve bank position and destroy minority hard earned money?
why is RBI not in position to sell the property/assets/funds attached to bank and give back the money to the customers.
as i am the customer of the bank,i really don’t understand what is RBI really want to do? if RBI really concern of the economy growth then give back the amount to the customers and let the customer invest in other bank and completely close the bank from the scratch.
Hope our Government Help Us and get relief from this unbearable pain of life.
i humbly request to the Prime Minister Narendra Modi Ji, to look into the matter personaly and give the direction to the RBI Governor and respective authority for the best and positive solution.
Hoping for the solution
Regards
Mohammed Rafiq