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Date: 16/10/2019
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) –The City Co-operative Bank Ltd., Mumbai, Maharashtra- Extension of period

The City Co-operative Bank Ltd., Mumbai was placed under directions vide directive dated April 17, 2018 from the close of business on April 17, 2018 for a period of six months. The validity of the above directions were extended from time to time, the last being vide Directive dated April 09, 2019 up to October 17, 2019.

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 dated April 17, 2018, issued to The City Co-operative Bank Ltd., Mumbai as modified from time to time, the validity of which last extended up to October 17, 2019, shall continue to apply to the bank for further period of six months from October 18, 2019 to April 17, 2020, as per the Directive dated October 15, 2019, subject to review.

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

A copy of the directive dated October 15, 2019 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.

(Yogesh Dayal)     
Chief General Manager

Press Release : 2019-2020/968

 
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