RBI directs Laxmi Co-operative Bank to close business till Aug 11, 2022

RBI directs Laxmi Co-operative Bank to close business till Aug 11, 2022 In the public interest, the Reserve Bank of India issued directions to The Laxmi Co-operative Bank Ltd., Solapur, Maharashtra, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from November 12, 2021, close of business. Subject to revision, these instructions will continue to apply to the bank for another three months, from May 12, 2022 until August 11, 2022. Withdrawal and acceptance of deposits are subject to various limitations and/or ceilings set out in the Directions. A copy of Directions is on display in the bank for anyone who is interested in reading it. Depending on the circumstances, the Reserve Bank of India may consider changing the Directions. The Reserve Bank of India's decision to give Directions should not be interpreted as a termination of a banking license. Until its financial situation improves, the bank will continue to conduct banking activities with limits.