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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 (337 kb)
Date : Sep 07, 2023
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – The Imperial Urban Cooperative Bank Ltd., Jalandhar – 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 Imperial Urban Cooperative Bank Ltd., Jalandhar vide Directive No. CDG.DOS.RSG.No.S1645/16-03-46/2022-23 dated March 9, 2023 for a period of six months up to close of business on September 10, 2023. 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 close of business on September 10, 2023.

2. Accordingly, the Reserve Bank of India, in exercise of 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 close of business on September 10, 2023 to close of business on December 10, 2023, subject to review.

3. Other terms and conditions of the Directive under reference, shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/880

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