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Press Release

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Date : Mar 13, 2024
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Rajapur Sahakari Bank Limited, Mumbai - Extension of period

The Reserve Bank of India, vide directive CO.DOS.SED.No.S1917/12.22.212/ 2023-24 dated June 13, 2023, had placed The Rajapur Sahakari Bank Ltd, Mumbai under Directions for a period of six months from the close of business on June 14, 2023 till close of business on December 14, 2023. The validity of the directions was extended from time-to-time, the last being up to March 14, 2024.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35 A 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 March 14, 2024, to close of business on June 14, 2024 as per the Directive ‘DOR.MON.D-138/12.22.212/2023-24' dated March 12, 2024, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the Directive dated March 12, 2024, notifying the above extension is displayed at the bank’s premises for the perusal of the public.

4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that the Reserve Bank of India is satisfied with the financial position of the bank.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2023-2024/2045