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

(360 kb)

Date : Jun 11, 2024

Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – The Vaishali Shahari Vikas Co-operative Bank Ltd., Hajipur, Dist. Vaishali – 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 Vaishali Shahari Vikas Co-operative Bank Ltd., Hajipur, Dist. Vaishali vide Directive No. DoS(Patna).Co-op.Bk./No.S50/04.01.009/2023-24 dated June 13, 2023, for a period of six months up to close of business on December 14, 2023, as modified from time to time, which were last extended up to close of business on June 14, 2024 vide Directive DOR.MON/D-140/12.28.207/2023-24 dated March 12, 2024. 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 June 14, 2024.

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 Directions for a further period of three months from close of business on June 14, 2024 to close of business on September 14, 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: 2024-2025/478

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