Regulatory Alerts2026-08-28
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Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – Ashok Sahakari Bank Ltd., Ahmednagar
The Reserve Bank of India directs Ashok Sahakari 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 August 28, 2026. The bank is prohibited from allowing withdrawals from savings, current, or other depositor accounts, though it may set off loans against deposits and incur expenditure on essential items such as employee salaries, rent, and electricity bills as specified in the Directions. These restrictions remain in force for six months from August 28, 2026, subject to review, while eligible depositors may claim deposit insurance up to ₹5,00,000 from the Deposit Insurance and Credit Guarantee Corporation upon verification.
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