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Date: 02/11/2018
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) – The Karad Janata Sahakari Bank Ltd., Karad, Maharashtra- Extension of period

The Karad Janata Sahakari Bank Ltd., Karad was placed under directions vide directive DCBS.CO.BSD-I/D-4/12.22.126/2017-18 dated November 07, 2017 from the close of business on November 09, 2017 for a period of six months. The validity of the above directions were extended by further six months i.e. up to November 09, 2018 vide directive DCBR.CO.AID/No.D-40/12.22.126/2017-18 dated May 03, 2018.

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 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies), hereby directs that the Directive DCBS.CO.BSD-I/D-4/12.22.126/2017-18 dated November 07, 2017, issued to the above bank, validity of which was extended vide directive dated May 03, 2018, shall continue to apply to the bank for a further period of four months from November 10, 2018 to March 09, 2019.

All other terms and conditions of the Directives under reference shall remain unchanged.

A copy of the directive DCBR.CO.AID/No.D-17/12.22.126/2018-19 dated October 30, 2018 notifying the above extension is displayed at the bank’s premises for the perusal of public.

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

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/1040

 
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