Press Releases

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Date : Jul 10, 2018
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – The R. S. Co-operative Bank Ltd., Mumbai, Maharashtra

The R.S. Co-operative Bank Ltd., Mumbai, Maharashtra, was placed under directions vide directive dated June 24, 2015, from close of business on June 26, 2015. The validity of the directions was extended and modified from time to time, the last being Directive dated January 19, 2018 and was valid upto July 25, 2018, subject to review.

It is hereby notified for the information of the public that 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 dated June 24, 2015 issued to The R.S. Co-operative Bank Ltd., Mumbai, Maharashtra, as modified from time to time, the validly of which was last extended upto July 25, 2018 vide Directive dated January 19, 2018, shall continue to apply to the bank for a further period of six months from July 26, 2018 to January 25, 2019, vide Directive dated July 02, 2018, subject to review.

A copy of the directive dated July 02, 2018, notifying the above modifications is displayed at the bank’s premises for the perusal of public.

The aforesaid modifications by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/90

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