RBI recently, issued guidelines to three cooperative banks. The three district central co-operative banks, namely, Osmanabad District Central Co-operative bank, Jalna District Co-operative bank & Dhule and Nandurbar District co-operative bank have been asked not to open new deposits accounts for some time due to certain reasons, however the renewal of the existing accounts are allowed for the same capacity.
“The directions issued to the above mentioned district central co-operative banks stipulate that they shall not accept fresh deposits including saving bank account, current accounts, fixed deposit accounts, recurring deposit accounts and/or any other deposit by whatever name called,” RBI said in a notification.
RBI can change the instructions in the near future depending on the circumstances but this step should not be misunderstood as the cancellation of license of any bank or any negative influence on the image of banks.
