July 17, 2026
Directions under Section 35 A read with section 56 of the Banking Regulation
Act, 1949 (As Applicable to Co-operative Societies) – Padmashri Dr. Vithalrao
Vikhe Patil Co-operative Bank Ltd. Nashik
It is hereby notified for the information of the public that in exercise of powers vested
in it under sub-section (1) of Section 35 A of the Banking Regulation Act, 1949, read
with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI)
vide Directive Ref. No. CO.DOS.SED.No.S2909/12-22-395/2026-2027 dated July 16,
2026, has issued certain Directions to Padmashri Dr. Vithalrao Vikhe Patil Co-
operative Bank Ltd. Nashik (“the bank”), whereby, as from the close of business on
July 17, 2026, the bank shall not, without prior approval of RBI in writing, grant or
renew any loans and advances, make any investment, incur any liability including
borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any
payment whether in discharge of its liabilities and obligations or otherwise, enter into
any compromise or arrangement and sell, transfer or otherwise dispose of any of its
properties or assets except as notified in the RBI Direction dated July 16, 2026, a copy
of which has been directed to be displayed on the bank's website/premises for perusal
by interested members of the public. Considering the bank's present liquidity position,
the bank has been directed to permit withdrawal of a sum not exceeding ₹1,00,000/-
(Rupees One Lakh only) from savings bank or current accounts or any other account
of a depositor but is allowed to set off loans against deposits subject to the conditions
stated in the above RBI Directions. The bank may incur expenditure in respect of
certain essential items such as salaries of employees, rent, electricity bills, etc., as
specified in the said Directions.
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These directions are necessitated due to supervisory concerns emanating from the
recent material developments in the bank, and to protect the interests of depositors of
the bank.
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The eligible depositors would be entitled to receive deposit insurance claim amount
of their deposits up to a monetary ceiling of ₹5,00,000/- (Rupees Five Lakh only) in
the same capacity and in the same right, from the Deposit Insurance and Credit
Guarantee Corporation (DICGC), as applicable under the provisions of the DICGC
Act, 1961, based on submission of willingness by the depositors concerned and after
due verification. The depositors may contact the bank officials for further information.
Details may also be accessed on the DICGC website: www.dicgc.org.in.
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The issue of the above Directions by the RBI should not per se be construed as
cancellation of the banking license by the RBI. The bank will continue to undertake
banking business subject to restrictions specified in the said Directions till its financial
position improves. The RBI continues to monitor the position of the bank and will take
necessary actions including modifications of these Directions, as warranted,
depending upon circumstances and in the interest of the depositors.
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These Directions shall remain in force for a period of six months from the close of
business on July 17, 2026, and are subject to review.
(Brij Raj)
Press Release: 2026-2027/705 Chief General Manager
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ǐरज़वर् बैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi
संचार ͪ वभाग, केंद्रȣय कायार्लय, शहȣद भगत ͧ संह मागर्, फोटर्, मुंबई - 400 001
Website : www.rbi.org.in
Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in
Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
