Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - Ramgarhia Co-operative Bank Ltd, New Delhi - Extension of Period- (Reserve Bank of India) (08 Jan 2024)

MANU/RPRL/0016/2024

Banking

1. The Reserve Bank of India, vide directive DEL.DOS.EXG_SSM No. S515/12-10- 013/2022-23 dated July 07, 2022, had placed Ramgarhia Co-operative Bank Ltd, New Delhi - under Directions from the close of business on July 08, 2022, for a period of six months up to January 08, 2023, the validity of which was last extended up to January 08, 2024 vide directive DOR.MON.D-75/12.28.115/2023-24 dated October 06, 2023.

2. The Reserve Bank of India, in exercise of the powers vested in it under subsection (1) of Section 35Aread with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank further for a period of three months from close of business on January 08, 2024 to close of business on April 08, 2024, as per the directive DOR.MON.D-112/12.28.115/2023-24 dated January 05, 2024, subject to review.

3. The extension of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.

Tags : DIRECTIONS EXTENSION PERIOD