The Reserve Bank of India issued Directions to Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS), vide Directive AMD.DOS.SSM.No.S1561/11-03-203/2022-2023 dated March 02, 2023, for a period of six months up to September 03, 2023, which was last extended up to December 02, 2023 vide Directive DOR.MON/D-62/12.21.203/2023-24 dated August 29, 2023.

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 December 02, 2023.

3. 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 (AACS), hereby extends the Directive for a further period of three months from close of business on December 02, 2023 to the close of business on March 02, 2024, subject to review.

4. Other terms and conditions of the Directives under reference shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/1394