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The Reserve Bank of India said it has placed Mumbai-based The City Co-operative Bank Ltd under ‘directions’, whereby restrictions have been imposed on it vis-a-vis undertaking banking business till its financial position improves.
The central bank, in a statement, said depositors will be allowed to withdraw a sum not exceeding ₹1,000 of the total balance held in every savings bank or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI directions, which have been issued from the close of business on April 17, 2018.
The RBI said the issue of the directions should not, per se, be construed as cancellation of banking licence. The bank has eight branches in Mumbai and two in Thane. The Reserve Bank may consider modifications of these directions depending upon circumstances.
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