RBI withdraws restrictions on Youth Development Co-operative Bank
In a relief to customers of Youth Development Co-operative Bank Ltd, Kolhapur, the RBI withdrew all restrictions imposed on the lender since January 2019. Several restrictions, including a cap of Rs 5,000 on withdrawals from the Kolhapur-based co-operative bank, were imposed by the Reserve Bank in the wake of its worsening financial position, initially for six months from the close of business on January 5, 2019. The validity of the “all-inclusive directions” was extended from time to time, the last being up to April 5, 2021. “Reserve Bank of India, on being satisfied that in the public interest it is necessary to do so… hereby withdraws with effect from April 05, 2021, All-Inclusive Directions issued to Youth Development Co-operative Bank Limited, Kolhapur, Maharashtra,” the central bank said in a circular.