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Date: 08/11/2019
Directions under Section 35 A of the Banking Regulation Act, 1949 (AACS) read with Section 56 of Banking Regulation Act, 1949 – Sikar Urban Co-operative Bank Ltd, Sikar, Rajasthan - Extension of validity

Sikar Urban Co-operative Bank Ltd., Sikar, Rajasthan was placed under Directions from close of business on November 09, 2018 for a period of six months subject to review, vide Directive dated October 26, 2018. The validity of the directions was last extended vide Directive dated May 2, 2019 for six months up to November 9, 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 35 A of Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated October 26, 2018, issued to the above bank, the validity of which was extended up to November 09, 2019, shall continue to apply to the bank for a further period of six months from November 10, 2019 to May 09, 2020 vide Directive dated October 30, 2019, subject to review.

All the other terms and conditions of the Directive under reference shall remain unchanged. A copy of the above Directive dated October 30, 2019 notifying the extension is displayed at the bank’s premises for the perusal of public. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking licence by RBI.

The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2019-2020/1146

 
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