RBI extends the Directive for a further period of 3 months to close of business on February 24, 2024, subject to review
FinTech BizNews Service
Mumbai, November 21, 2023: The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District vide Directive BLR.DOS.SSMS.No.S2174/12-08-295/2022-23 dated February 23, 2023 for a period of six months up to August 24, 2023, as modified from time to time, which were last extended up to close of business on November 24, 2023 vide Directive DOR.MON/D-53/12.23.292/2023-24 dated August 07, 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 November 24, 2023.
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 the close of business on November 24, 2023 to close of business on February 24, 2024, subject to review. All other terms and conditions of the Directive under reference shall remain unchanged.
2 The Reserve Bank of India issued Directions to Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive NGP.DOS.SSM 2.No.S1389/15-04-616/2022-2023 dated February 23, 2023, for a period of six months up to August 24, 2023 as modified from time to time which were last extended up to close of business on November 24, 2023 vide Directive DOR.MON/D-56/12.22.275/2023-24 dated August 09, 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 the close of business on November 24, 2023.
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 November 24, 2023 to close of business on February 24, 2024, subject to review.
Other terms and conditions of the Directives under reference shall remain unchanged.
