00 lakh (Rupees Five Lakh only) on The Needs of Life Co-operative Bank Ltd, Fort, Mumbai in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the directives / guidelines of the Reserve Bank of India relating to members holding paid up share capital limit in excess of the stipulated limit, breaching the limit on unsecured advances, breaching the limit on unsecured overdraft
facilities and non-adherence to Know Your Customer(KYC ) norms viz.
The cost of a debtor finance facility may be higher than an overdraft secured by real estate, but is comparable to or sometimes cheaper than an unsecured overdraft
I don't know who was more suicidal: me facing bankruptcy, Gerry losing his reputation or the lovely bank manager in Grey Street who had allowed an unsecured overdraft
to get out of control.
The bankers, who met on Friday to discuss the unsecured overdraft
facility - which runs out in 2003 - are worried that new chief executive Mike Parton will try to use the cash to pay bond holders and reduce the pounds 1million a day it's forking out in interest payments.
The account is available as a secured current account or a current account with an unsecured Overdraft
facility, all usual current account accessories are available as are commission free foreign currency and travellers cheques.
on the current accounts will cost 14.