SITE MAP     CONTACT US     DISCLAIMER  
   About Us     Useful Information     FAQs     Financial Education     Complaints   Important Websites  
Search
Period
From  
To  
Archives
   
Home >> PressReleases - Display
Note : To obtain an aligned printout please download the (296.00 kb ) version to your machine and then use respective software to print the story.
Date: 08/11/2019
Millath Co-operative Bank Ltd., Davangere - Extension of All Inclusive Directions under Section 35 A of the Banking Regulation Act, 1949 (AACS)

It is hereby notified for information of public that the Reserve Bank of India is satisfied that, in the public interest, it is necessary to extend the period of operation of Directive DCBS.CO.BSD-III.No.D-12/12.23.096/2018-19 dated April 26, 2019, issued to Millath Co-operative Bank Ltd., Davangere, Karnataka.

Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act,1949 (As Applicable to Cooperative Societies), hereby directs that the Directive DCBS.CO.BSD-III.No. D-12/12.23.096/2018-19 dated April 29, 2019, issued to Millath Co-operative Bank Ltd., the validity of which is up to November 07 shall continue to apply to the bank for a further period of six months from November 08, 2019 to May 07, 2020 subject to review.

Other terms and conditions of the directive under reference shall remain unchanged. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

(Yogesh Dayal)    
Chief General Manager

Press Release: 2019-2020/1148

 
  © Reserve Bank of India. All Rights Reserved.

Best viewed in 1024x768 resolution in IE 5 and above.