Press Releases

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Date : Apr 06, 2023
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Ramgarhia Co-operative Bank Ltd, New Delhi – Extension of Period

The Reserve Bank of India, vide directive DEL.DOS.EXG_SSM No. S515/12-10-013/2022-23 dated July 07, 2022., had placed Ramgarhia Co-operative Bank Ltd, New Delhi – under Directions from the close of business on July 08, 2022, for a period of six months up to January 08, 2023, the validity of which was extended up to April 08, 2023 vide directive DOR.MON.D-54/12.28.115/2022-23 dated January 06, 2023.

2. The Reserve Bank of India, in exercise of the 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 aforesaid Directions shall continue to apply to the bank till July 08, 2023, as per the directive DOR.MON/D-03/12.28.115/2023-24 dated April 06, 2023, subject to review.

3. The extension of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/32


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