RBI banned transaction on the coperative bank
RAJU AGRAWAL
(Querist) 10 June 2011
This query is : Resolved
i am current account holder with coperative bank.RBI banned bank transaction in accordance with Section 35A of the Banking Regulation Act, 1949.My money is blocked in my current account since a year. The reason for taking action by RBI was sometimes fraud commited by the bank management. My question is that how shall i get my money refund.By filing case in High court or district court?Can i know the procedure. Also bank officials says that it may take a years for liquadation of bank. Also can u give contact no of any lawyer (jabalpur high court) who had handled such type of cases
Regard
agrawal RP
PALNITKAR V.V.
(Expert) 10 June 2011
You may file application for withdrawal of your money. The application can be filed with the Administrator/liquidator if any appointed by the RBI. Normally, Administrator/liquidator is appointed by RBI in such circumstances. You may also apply to the RBI.
M V Gupta
(Expert) 11 June 2011
In the case of the cooperative banks, RBI issues moratorium order prohibiting the bank from carrying on the banking business until a sepcified time. In case the bank is ordered to be wound up the Registrar of Coop Societies will initiate action under the MP Coop. Societies Act. No use of filing any proceedings in a court of law. Pl enquire the position with Registrar's Office.
