Regulatory Alerts2026-06-12
Added · Updated
Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – Mogaveera Co-operative Bank Ltd., Bombay
The Reserve Bank of India has directed Mogaveera Co-operative Bank Ltd. to cease granting loans, renewing advances, making investments, incurring liabilities, accepting fresh deposits, or disposing of assets without prior written approval, effective from the close of business on June 12, 2026. The bank is permitted to allow withdrawals up to ₹1,00,000 per depositor and incur essential expenditures such as salaries and rent as specified in the directions. These restrictions remain in force for six months and are subject to review, while eligible depositors may claim deposit insurance up to ₹5,00,000 from the DICGC.
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