Effective close of business on August 8, 2014, the Reserve Bank of India has issued certain Directions to Dilip Urban Co-operative Bank Ltd., Barshi, Solapur, Maharashtra.
Under the directions, depositors will be allowed to withdraw only `1,000/- (Rupees one thousand only) of the total balance in, every savings bank or current account or any other deposit account.
The bank has also been restrained from granting or renewing any loans and advances, making any investment, incurring any liability including borrowal of funds and acceptance of fresh deposits, disbursing or agreeing to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and selling, transferring or otherwise disposing of any of its properties or assets except as notified in the RBI Directions dated August 06, 2014.
It can do so only with prior approval in writing from the Reserve Bank of India.
