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 validity of the directions was further extended up to close of business on December 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 December 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 December 10, 2023 to close of business on March 10, 2024, subject to review.

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

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/1420