Case Brief
What Happened
The Reserve Bank of India extended the Section 35A directions already in force against The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal. The extension runs for a further six months from January 07, 2017 to July 06, 2017, subject to review, and the earlier directive remains otherwise unchanged. The modified directions allow withdrawals up to ₹50,000 per depositor, conditional set-off of loans against fixed deposits, and renewal of existing loan limits for standard and secured CC accounts other than director-related loans, subject to the terms stated by RBI.