Reserve Bank of India – Press Releases

0
123


The Reserve Bank of India issued Directions to The Malkapur Urban Co-operative Bank Ltd., Buldhana, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive DOS.CO.NSUCBs-West/D-3/S2050/12.07.005/2021-22 dated November 24, 2021, as modified from time to time, which were last extended up to November 24, 2022 vide Directive DOR.MON/D-26/12.22.638/2022-23 dated August 23, 2022.

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 DOS.CO.NSUCBs-West/D-3/S2050/12.07.005/2021-22 dated November 24, 2021 issued to The Malkapur Urban Co-operative Bank Ltd., Buldhana, Maharashtra, as modified from time to time, which were last extended up to November 24, 2022 vide Directive DOR.MON/D-26/12.22.638/2022-23 dated August 23, 2022. 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 DOS.CO.NSUCBs-West/D-3/S2050/12.07.005/2021-22 dated November 24, 2021, issued to The Malkapur Urban Co-operative Bank Ltd., Buldhana, Maharashtra, as modified from time to time, which were last extended up to November 24, 2022, shall continue to apply to the bank for a further period of three months from November 25, 2022 to February 24, 2023, subject to review. All other terms and conditions of the Directives shall remain unchanged.

3. The issue 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.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/1250

See also  One Year Later, PMC Bank Depositors Still Struggling



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here