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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


PDF document (325 kb)
Date : Feb 21, 2025
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra – Extension of Period

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 February 24, 2025 vide DOR.MON/D-74/12.22.275/2024-25 dated November 21, 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 the close of business on February 24, 2025.

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, hereby extends the Directive for a further period of three months from close of business on February 24, 2025 to the close of business on May 24, 2025, subject to review.

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

(Puneet Pancholy)  
Chief General Manager

Press Release: 2024-2025/2229


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