To safeguard the depositor’s interest, Reserve Bank of India, vide Press Release Dt.23 Sept 2014, has issued certain directions to Shree Chhatrapati Urban Co.op Bank Ltd., Pimple Nilakh, District – Pune (Maharashtra).
The highlights of the RBI Directions are:-
- The directions are effective close of business on September 12, 2014,
- Depositors will be allowed to withdraw only INR 1,000/- (Rupees one thousand only) of the total balance in every savings bank or current account or any other deposit account.
- The bank has also been restrained from granting or renewing any loans and advances, making any investment, incurring any liability including borrowal of funds and acceptance of fresh deposits, disbursing or agreeing to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and selling, transferring or otherwise disposing of any of its properties or assets except as notified in the RBI Directions dated September 10, 2014 a copy of which is displayed on the bank’s premises for perusal by interested members of the public. It can do so only with prior approval in writing from the Reserve Bank of India..
It is further clarified by Reserve Bank of India, that its directions should not per se be construed as cancellation of its banking licence as the bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.
This Bank is in the DICGC’s > List of Insured Banks > Co-operative Banks
Pimple Nilakh is a fast growing suburb of Pimpri-Chinchwad, which is situated in the western part of Pune. It is located close to Mumbai-Pune expressway, Pimple Nilakh is accessible to places like Wakad, Hinjewadi, Baner, Aundh, Pimple Saudagar and Rahatni, among others. The nearest airport is the Lohegaon airport.