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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.

Press Release


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Date : Aug 31, 2023
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Musiri Urban Co-operative Bank Limited, Musiri – Extension of Period

The Reserve Bank of India issued Directions to Musiri Urban Co-operative Bank Limited, Musiri under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive No. CHN.DoS.UCBs.No.S1135/12-01-849/2022-23 dated March 02, 2023, for a period of six months up to September 02, 2023.

2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond September 02, 2023.

3. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under subsection (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from September 03, 2023 to December 02, 2023, subject to review.

4. Other terms and conditions of the Directives under reference, shall remain unchanged.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2023-2024/841


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