The Reserve Bank of India (RBI) had issued directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) to United India Co-operative Bank Ltd., Nagina, Bijnor, Uttar Pradesh vide directive dated July 08, 2015. The Directions were extended from time to time and the last such Directive dated March 30, 2016, are currently valid upto October 14, 2016.
Reserve Bank, on being satisfied that in the public interest it is necessary to do so, in exercise of the powers vested in it under sub section (2) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS), hereby withdraws with effect from October 15, 2016, the said Directions so issued (and as modified from time to time) to United India Co-operative Bank Ltd., Nagina, Bijnor, Uttar Pradesh.
A copy of the directive is displayed in the bank’s premises for perusal by interested members of public. The bank will continue to undertake regular banking business hereafter.
Anirudha D. Jadhav
Press Release: 2016-2017/929