Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Rupee Co-operative Bank Ltd., Pune, Maharashtra for extension of period- (Reserve Bank of India) (01 Dec 2021)

MANU/RPRL/0217/2021

Banking

Reserve Bank of India vide directive UBD.CO.BSD-I/D-28/12.22.2018/2012-13 dated February 21, 2013 had placed the Rupee Co-operative Bank Ltd., Pune, Maharashtra under Directions from the close of business on February 22, 2013. The validity of the directions was extended from time-to-time, the last being up to November 30, 2021.

It is hereby notified for the information of the public that, Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till February 28, 2022 as per the directive DOR.MON/D-50/12.22.218/2021-22 dated November 29, 2021, subject to review.

All other terms and conditions of the Directive under reference shall remain unchanged. A copy of the directive dated November 29, 2021 notifying the above extension is displayed at the bank's premises for the perusal of public.

The aforesaid extension and /or modification by Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

Tags : DIRECTIONS EXTENSION PERIOD