Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of its earlier directive issued to Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally dated January 02, 2020 and modified on June 19, 2020, was to remain in force up to July 10, 2020; RBI has now continued it from July 11, 2020 to January 10, 2021, subject to review. The modified directive allows depositors to withdraw up to Rs.1,00,000 from each savings/current/other deposit account, subject to the stated conditions, and the other terms remain unchanged.