RBI withdraws restrictions on Youth Development Co-operative Bank

RBI withdraws restrictions on Youth Development Co-operative Bank

The RBI lifted all restrictions on the Kolhapur-based Youth Development Co-operative Bank Ltd on Monday, bringing relief to its customers.RBI withdraws restrictions on Youth Development Co-operative Bank

The RBI lifted all restrictions on the Kolhapur-based Youth Development Co-operative Bank Ltd on Monday, bringing relief to its customers. The Reserve Bank placed several limits, including a Rs 5,000 limit on deposits from the Kolhapur-based co-operative bank, in response to its deteriorating financial situation, initially for six months from the close of business on January 5, 2019.

The validity of the “all-inclusive instructions” has been extended often, the most recent being to April 5, 2021.

“Reserve Bank of India… hereby withdraws All-Inclusive Directions issued to Youth Development Co-operative Bank Limited, Kolhapur, Maharashtra, with effect from April 5, 2021,” the central bank said in a circular.

Without prior written approval from the Reserve Bank of India, the lender was barred from issuing or renewing any loans or advances, making any trade, or incurring any liability.

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