The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Colour Merchants Co-operative Bank Ltd., Ahmedabad vide Directive AMD.DOS.SSM.No.S1053/11-03-039/2023-2024 dated September 25, 2023, for a period of six months up to close of business on March 25, 2024, which was last extended up to September 25, 2024 vide Directive DOR.MON.D-29/12.21.039/2024-25 dated June 24, 2024. 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 close of business on September 25, 2024. 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 close of business on September 25, 2024 to close of business on December 25, 2024, subject to review. 3. All other terms and conditions of the Directive under reference shall remain unchanged. (Puneet Pancholy)
Chief General Manager Press Release: 2024-2025/1160 | |