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RBI issues direction to Kerala Mercantile Co-op Bank

by BQ News Bureau
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The Reserve Bank of India has issued directions to Kerala Mercantile Co- operative Bank Ltd., Kozhikode limiting the withdrawal amount by account holders from the bank. A sum not exceeding Rs.50,000 of the total balance in every savings bank or current account or any other deposit account by whatever name called, was allowed to be withdrawn by the depositors of the bank subject to certain conditions as stated therein.

In exercise of the powers vested in it under sub- section (2) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, the said directions were issued to Kerala Mercantile Co- operative Bank Ltd. Kozhikode, the RBI added.

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