Shri Anand Co-operative Bank Ltd. Chinchwad, Pune, Maharashtra

The Reserve Bank of India, acting under Section 35A of the Banking Regulation Act, 1949 read with Section 56, directed Shri Anand Co-operative Bank Ltd., Chinchwad, Pune, Maharashtra, from the close of business on June 25, 2019, not to grant or renew loans and advances, make investments, incur liabilities including borrowings and acceptance of fresh deposits, disburse payments, enter compromises or arrangements, or sell/transfer/dispose of assets except as specifically permitted. Withdrawals from deposit accounts were capped at ₹1,000 per depositor, subject to specified adjustments, and several limited operating expenses and regulatory payments were allowed. The directive also required forwarding the order to depositors, website disclosure, and submission of statements to RBI. The directions were to remain in force for six months from June 25, 2019, subject to review.

The bank’s normal business operations are materially constrained for the stated period. Depositors can withdraw only up to ₹1,000 per account subject to set-off conditions, while the bank cannot freely lend, accept fresh deposits, incur liabilities, or dispose of assets without RBI approval; it must also comply with disclosure and reporting obligations.