The news of an urban cooperative bank bouncing back from the curse of what is known as “RBI’s Direction” is far and few. Maharashtra based Kisan Nagari Sahakari Bank Maryadit has however achieved precisely this.
Located in Parbhani the UCB was put under Directions on January 29, 2015. But the Board of the UCB tried hard to meet the requirements of the regulator. This resulted into the apex bank RBI last week clearing it and allowing it to continue with normal business activities.
RBI release reads “The Reserve Bank of India has withdrawn the All Inclusive Directions issued on January 29, 2015 to Kisan Nagari Sahakari Bank Maryadit, Parbhani, Maharashtra with effect from close of business as on April 09, 2015.”
A copy of the Order is displayed on the bank’s premises for perusal by interested members of public. The bank will continue to undertake regular banking business hereafter, the release reads.