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 : Oct 17, 2021
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Mantha Urban Co-operative Bank Limited, Mantha, District: Jalna, Maharashtra - Extension of period

The Reserve Bank of India, in the public interest, had issued Directions to Mantha Urban Co-operative Bank Limited, Mantha, District: Jalna, Maharashtra 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) from the close of business on November 17, 2020. The validity of the directions was extended from time-to-time, the last being up to October 16, 2021.

The Reserve Bank of India has now further extended the Directions for a period of two months from October 17, 2021 to December 16, 2021, subject to review. The Directions stipulate certain restrictions and/ or ceiling on withdrawal/ acceptance of deposits. The detailed Directions are displayed on the bank’s premises for interested members of public to peruse. Reserve Bank of India may consider modifications of the Directions depending upon 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 continue to undertake banking business with restrictions till its financial position improves.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1051


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