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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


PDF document (331 kb)
Date : Sep 01, 2023
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 –The Faiz Mercantile Cooperative Bank Ltd., Nashik– Extension of Period

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Faiz Mercantile Cooperative Bank Ltd., Nashik vide Directive NGP.DOS.SSM 4.No.S1412/15-03-552/2022-2023 dated March 2, 2023, for a period of six months up to September 3, 2023. The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive beyond September 3, 2023.

2. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (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 4, 2023 to December 3, 2023, subject to review.

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

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/857

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