| Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Hindu Cooperative Bank Limited, Pathankot, Punjab|
Reserve Bank of India had, in the public interest, issued directions to Hindu Cooperative Bank Limited, Pathankot, Punjab in exercise of powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, from the close of business on March 25, 2019. The Directions stipulate certain restrictions on the bank. The details of Directions are displayed on the bank’s website and on premises of the bank. Reserve Bank of India may consider modifications in the Directions depending upon the circumstances. However, issue 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.
Press Release: 2018-2019/2298