RBI bars Kapol bank from premature repaymed of FDs

Written By Unknown on Selasa, 24 Juni 2014 | 22.23

MUMBAI: Reserve Bank of India has appointed an administrator for Mumbai-based Kapol Cooperative Bank and has directed the lender not to consider any pre-mature withdrawal of fixed deposits.

RBI typically appoints an administrator when it is unhappy with the management of a bank or in order to protect interest of depositors. Typically before effecting a change of management in a cooperative bank, RBI places restriction on withdrawals to prevent a run on the bank.

A statement issued by the bank said that barring pre-mature withdrawal of FDs customers can conduct normal operations in their savings and current accounts.

"The bank is managed professionally on sound lines. Customers are therefore requested not to believe in speculative rumours or messages received through social media/mobile/internet and to be assured that the bank is in a position to honour all its commitments and provdie the best of services to its esteemed customer," the bank said.

The 75-year old bank has 15 branches. The chairman's statement for the 2012-13 annual report states that the bank has managed to generate a net profit of ? ?Rs 1.8 crore 14 as compared to Rs 3.6 crore in the FY13.

http://timesofindia.indiatimes.com/followceleb.cms?alias=Kapol Cooperative Bank,Chairman,Bank of India,Administrator

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