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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 (282 kb)
Date : Sep 06, 2023
Directions under Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Sumerpur Mercantile Urban Co-operative Bank Limited, Sumerpur, Rajasthan - Extension of Validity

Sumerpur Mercantile Urban Co-operative Bank Limited, Sumerpur, Rajasthan was placed under All-Inclusive Directions from close of business on December 06, 2022 for a period of six months, subject to review, vide Directive dated December 05, 2022. The validity of the directions was last extended vide Directive dated June 06, 2023 for three months up to September 06, 2023, subject to review.

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 of Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated December 05, 2022, issued to the above bank, the validity of which was last extended up to September 06, 2023, shall continue to apply to the bank for a further period of three months from close of business on September 06, 2023 to close of business on December 06, 2023, vide Directive dated September 05, 2023, subject to review.

All the other terms and conditions of the Directive under reference shall remain unchanged. A copy of the above Directive dated September 05, 2023 notifying the 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 with the financial position of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/875


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