RBI issues moratorium orders on Ganesh Bank of Kurundwad

Mumbai, July 7 (UNI) The Union Government, on an application made by Reserve Bank of India, has issued an order of moratorium on the Ganesh Bank of Kurundwad Ltd.

The moratorium period will be from the close of business on July 7 upto and inclusive of October 6 under the provisions of sub-Section (2) of Section 45 of the Banking Regulation Act, 1949, an RBI release here today said.

The moratorium has been declared in public interest, in the interest of the depositors and the banking system, the release added.

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