Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949– Youth Development Cooperative Bank Ltd., Kolhapur, Maharashtra –Enhancement of withdrawal limit for depositors
Case Brief
RBI has enhanced the withdrawal limit for depositors of Youth Development Cooperative Bank Limited, Kolhapur, Maharashtra, which has been under All-Inclusive Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 since January 05, 2019. The earlier withdrawal cap of ₹5,000 per depositor has been increased to ₹20,000 per depositor, with all other terms and conditions of the directive unchanged.
The bank had been under All-Inclusive Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 since January 05, 2019 in the interest of depositor protection. On review of liquidity and payment ability, RBI decided to increase the permitted withdrawal limit from ₹5,000 to ₹20,000 per depositor, inclusive of the earlier amount, while keeping all other terms and conditions unchanged.
Severity Assessment
This is an RBI Section 35A All-Inclusive Directions release continuing an operating restriction on a cooperative bank, which falls in the severity-4 business-restriction bucket.
Depositors can now withdraw up to ₹20,000 per depositor instead of ₹5,000, and more than 76% of depositors are expected to be able to withdraw their full account balance. The bank remains subject to the existing RBI directions and all unchanged operational conditions.
Published as Youth Development Cooperative Bank Limited, Kolhapur, Maharashtra
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