The Hindu Business Line : RBI fiat on Prudential

HYDERABAD: The Reserve Bank of India on Thursday allowed the financially struggling, Prudential Co-operative Bank Ltd to permit withdrawal of a sum not exceeding Rs 20,000 in any deposit account by a depositor.

The disbursement programme would be put in place by the co-operative bank and announced shortly, the Managing Director said in a press release.

The RBI directive said that the mentioned sum in any deposit account, by whatever name called could be withdrawn by a depositor provided that the depositor is having liability to the bank - either as a borrower or surety, and the amount may be adjusted first to the relevant borrowal accounts. A large number of deposit holders of the beleaguered Prudential Bank have resorted to dharnas, picketing and other forms of protest, urging the management to get their monies due, over the last couple of weeks in the State.

More Stories on : Co-operatives | Andhra Pradesh

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RBI fiat on Prudential