Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Amanath Co-operative Bank Ltd., Bangalore - 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 Amanath Co-operative Bank Ltd., Bangalore vide Directive No. CO.DOS.SED.No.S1931/12-23-001/2024-2025 dated June 12, 2024 for a period of six months up to close of business on December 12, 2024. The Reserve Bank of India is satisfied that in the public interest, it is…
The Reserve Bank of India has extended the directive for The Amanath Co-operative Bank Ltd. in Bangalore under Section 35A of the Banking Regulation Act, 1949. This decision, issued in Directive No. CO.DOS.SED.No.S1931/12-23-001/2024-2025 on June 12, 2024, will now be in effect until December 12, 2026. The bank was deemed necessary to extend its operations beyond the original closure date of September 12, 2026, for an additional three months.
The RBI's decision to extend this directive isn't a reflection of the bank's financial health, as the aforesaid extension and modification doesn't imply satisfaction with the bank's financial position. All other terms and conditions of the original directive remain unchanged.
Written by urgent.news from Reserve Bank of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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