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Date : Aug 30, 2019
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Rupee Co-operative Bank Ltd., Pune, Maharashtra

Rupee Co-operative Bank Ltd., Pune, Maharashtra was placed under directions vide directive dated February 21, 2013 from close of business on February 22, 2013. The validity of the directions was extended from time to time vide subsequent Directives, the last being Directive dated May 27, 2019 and was valid upto August 31, 2019, 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 February 21, 2013, as modified from time to time, issued to the above bank, the validity of which was last extended upto August 31, 2019 shall continue to apply to the bank for a further period of three months from September 01, 2019 to November 30, 2019 vide Directive dated August 28, 2019 subject to review. All other terms and conditions of the Directives under reference shall remain unchanged.

A copy of the directive dated August 28, 2019 notifying the above extension is displayed at the bank’s premises for the perusal of public.

The aforesaid extension and/or modification 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.

Yogesh Dayal      
Chief General Manager

Press Release: 2019-2020/577