The Reserve Bank of India has modified its directions to the Bhopal Nagrik Sahakari Bank by allowing withdrawal of up to Rs 50 thousand. Such modifications have been granted with a view to reducing the hardship to the depositors and taking various other factors into consideration, a release from the regulator reads.
It further says a sum not exceeding Rs 50,000 may be allowed to be withdrawn by depositor, provided that wherever such depositor is having liability to the bank in any manner, i.e. either as a borrower or surety, including loans against deposits, the amount may be adjusted first to the relevant borrowal account/s.
The bank has been under directions since November 01, 2012. The validity of the directions had been extended from time to time for a period of six months, subject to review, latest being from November 01, 2015 to April 30, 2016.
The modification of the directive by Reserve Bank of India should not per se construed as improvement or deterioration in the financial position of the bank, the release adds.