The Reserve Bank of India has notified that directions on the CKP Co-operative Bank have been extended for a further period of six months from January 31, 2016 to July 31, 2016. In the press release it said Reserve Bank directive dated January 19, 2016, subject to review and subject to the following modification:
“A sum not exceeding Rupees ten thousand of the total balance held in every savings bank or current account or term deposit account or any other deposit account (by whatever name called), may be allowed to be withdrawn by depositor, provided that wherever such depositor is having liability to the bank in any manner, i.e. either borrower or surety, including loans against the bank deposits, the amount may be adjusted first to the relevant borrowal accounts.”
The other terms and conditions of the directive under reference remain unchanged.
A copy of the directive dated January 19, 2016 notifying the above extension and modification is displayed at the bank’s premises for the perusal of public.
The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.
CKP Bank has been under direction since April 30, 2014 and the directions have been extended a number of times.