The Reserve Bank of India (RBI) had issued directions under Section 35A read with Section 56 of Banking Regulation Act, 1949 (As applicable to Co-operative Societies) to Sri Bharathi Co-operative Urban Bank Ltd., Hyderabad, vide Directive dated August 24, 2016. The Directions were effective from close of business on August 29, 2016 and extended up to August 31, 2017.
Reserve Bank, on being satisfied that in the public interest it is necessary to do so, in exercise of the powers vested in it under sub-section (2) of section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) hereby withdraws with effect from August 18, 2017 the said Directions so issued to Sri Bharathi Co-operative Urban Bank Ltd., Hyderabad. However, the bank would continue to operate under operational instructions.
Press Release : 2017-2018/508