Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 to Millath Co-operative Bank Limited- (Reserve Bank of India) (08 Nov 2021)

MANU/RPRL/0186/2021

Banking

1. The Reserve Bank of India issued All Inclusive Directions to Millath Co-operative Bank Limited, Davangere, Karnataka under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 vide Directive DCBS.CO.BSD III.D-12 /12.23.096/2018-19 dated April 26, 2019, as modified from time to time, which were last extended up to November 07, 2021 vide Directive DOR.MON.D-26/12.23.096/2021-22 dated August 05, 2021.

2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive DCBS.CO.BSD III.D-12 /12.23.096/2018-19 dated April 26, 2019 issued to Millath Co-operative Bank Limited, Davangere, Karnataka, and as modified from time to time, last being vide Directive DOR.MON.D-26/12.23.096/2021-22 dated August 05, 2021.

Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive DCBS.CO.BSD III.D-12 /12.23.096/2018-19 dated April 26, 2019, issued to Millath Co-operative Bank Limited, Davangere, Karnataka, as modified from time to time, the validity of which was last extended up to November 7, 2021 vide Directive DOR.MON.D-26/12.23.096/2021-22 dated August 05, 2021, shall continue to apply to the bank for a further period of three months from November 8, 2021 to February 7, 2022, subject to review.

3. Other terms and conditions of the Directives under reference shall remain unchanged.

Tags : DIRECTIONS BANKING REGULATION ACT