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Date : Apr 06, 2023
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - Sahebrao Deshmukh Co-operative Bank Limited, Mumbai, Maharashtra – Extension of Period

The Reserve Bank of India, vide directive CO.DOS.DSD.No.S2323/12-07-005/2022-23 dated July 07, 2022., had placed Sahebrao Deshmukh Co-operative Bank Limited, Mumbai, Maharashtra under Directions from the close of business on July 08, 2022, for a period of six months.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35 A 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-05/12.22.232/2023-24 dated April 06, 2023, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated April 06, 2023, notifying the above extension is displayed at the bank’s premises for the perusal of the public.

4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that the Reserve Bank of India is satisfied with the financial position of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/36


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