The RBI has issued directions to The Choundeshwari Sahakari Bank Ltd of Kolhapur, Maharashtra that will require the bank to seek prior approval for its banking business. “In particular, depositors of the bank will be able to withdraw a sum not exceeding Rs 1,000/- (Rupees one thousand only) of the total balance held in every savings bank or current account or any other deposit account by whatever name called, subject to the conditions stipulated in the RBI Directions,” RBI said in a statement........
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