It is hereby notified for information of the public that the Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive dated October 29, 2012 read with Directive dated January 25, 2017 issued to The Bhopal Nagrik Sahakari Bank Limited, Bhopal (M.P.) extending directions up to July 31, 2017. Accordingly, the 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 (As Applicable to Cooperative Societies) hereby directs that the Directive dated October 29, 2012 issued to the Bhopal Nagrik Sahakari Bank Limited, Bhopal, (M.P.), the validity of which was last extended upto July 31, 2017, shall continue to apply to the bank for a further period of six months from August 01, 2017 to January 31, 2018 vide directive dated July 25, 2017 subject to review. Copies of above RBI Directives are displayed in the bank's premises for perusal by interested members of the public.
The issue of the above Directions by the RBI should not per se be construed as cancellation of banking licence by RBI. The bank will continue to undertake banking business with restrictions till further review. The Reserve Bank may consider modifications of these Directions depending upon circumstances.
Press Release : 2017-2018/318