REGULATING CO-OPERATIVE BANKING

This role is, perhaps, the most unheralded aspect of our activities, yet it remains among the most critical. This includes ensuring credit availability to the productive sectors of the economy, establishing institutions designed to build the country's financial infrastructure, expanding access to affordable financial services and promoting financial education and literacy.


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Date : Sep 25, 2021
Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) – Hindu Co-operative Bank Limited, Pathankot, Punjab - Extension of Period

The Reserve Bank of India, in exercise of powers vested in it under Sub-Section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS), had, in the public interest, issued Directions to Hindu Cooperative Bank Limited, Pathankot, Punjab, from the close of business on March 25, 2019. The Directions have been extended from time to time the validity of which was last extended upto September 24, 2021. These Directions shall continue to apply to the bank for a further period of one month from September 25, 2021 to October 24, 2021, subject to review. A copy of the Directions dated September 24, 2021 is displayed at the bank’s premises for interested members of public to peruse. Reserve Bank of India may consider modifications in Directions depending upon the circumstances. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will be able to undertake banking business with restrictions till its financial position improves.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/931


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