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Date: 10/05/2019
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Sikar Urban Co-operative Bank Ltd., Sikar (Rajasthan) - Extension of period of validity

It is hereby notified for information of public that the Reserve Bank of India is satisfied that in public interest it is necessary to extend the period of operation of the directive dated October 26, 2018, effective from close of business on November 09, 2018 issued to Sikar Urban Co-operative Bank Ltd., Sikar (Rajasthan), for a further period of six months. Accordingly, 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 hereby directs that the directives dated October 26, 2018 issued to Sikar Urban Co-operative Bank Ltd., Sikar (Rajasthan), shall continue to apply to the bank for a further period of six months from May 10, 2019 to November 09, 2019 vide directive dated May 02, 2019, subject to review.

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

Shailaja Singh
Deputy General Manager

Press Release: 2018-2019/2647

 
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