/ Chartered Accountant

RBI enforce withdrawal restriction of a total amount not exceeding Rs 500 For Karnala Nagari Sahakari Bank Ltd

RBI enforce withdrawal restriction of a total amount not exceeding 500 For Karnala Nagari Sahakari Bank Ltd., (Maharashtra)

www.caindelhiindia.com; Karnala-Nagari-Sahakari-Bank-Ltd
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1. Authority to issue certain Directions to Karnala Nagari Sahakari Bank Ltd., (Maharashtra) by which, as from of the end of trading on 15 June 2020, the Administrator of the aforementioned bank shall not, without prior written permission of RBI.

(a) give or renew any loans and advances,

(b) start making any investment,

(c) accrue any liability, including the borrowing of funds and the acceptance of new deposits;

(d) to disburse or agree to disburse any bill, whether in the discharge of its liabilities and obligations or otherwise;

(e) access into it and sell any compromise or arrangement;

(f)Moving or otherwise disposing of any of its property or assets, except as notification in the Reserve Bank of India Order on 15 June 2020, a copy of which is shown on the premises of the bank for public inspection by the member of the general public concerned.

(g) In specific, a sum not exceeding 500 (Rs Five hundred only) of the final value of all savings bank or current accounts or any other account of the depositor may be forced to withdraw.

2. The issue of the above RBI Directions should not in itself be perceived as the cancelation of the RBI banking license. The bank will continue to execute limited business operations until its financial position enhances. The RBI may depend on the case, consider changes to such Directions.

3. For a term of six years from the close of trade on 15 June 2020, the aforementioned rules shall remain in full effect and shall be subject to inspection.

for details refer to https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49953

Regards

India Financial Consultancy Corporation Pvt Ltd.(IFCCL)

www.caindelhiindia.com

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