Directions under Section 35 A of the Banking Regulation Act, 1949 (AACS) – Rupee Co-operative Bank Ltd, Pune, Maharashtra

Rupee Co-operative Bank Ltd, Pune, Maharashtra, was placed under directions vide directive UBD.CO.BSD-I/D-28/12.22.218/2012-13 dated February 21, 2013 from close of business on February 22, 2013. The validity of the directions was extended from time to time vide subsequent Directives, the last being Directive DOR.AID/D-57/12.22.218/2019-20 dated February 26, 2020 and was valid up to May 31, 2020, subject to review.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, in 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 directs that the Directive UBD.CO.BSD-I/ D-28/12.22.218/2012-13 dated February 21, 2013, as modified from time to time, issued to the above bank, the validity of which was last extended upto May 31, 2020 shall continue to apply to the bank for a further period of three months from June 01, 2020 to August 31, 2020 vide Directive DOR.AID/D-82/12.22.218/2019-20 dated May 26, 2020, subject to review. All other terms and conditions of the Directives under reference shall remain unchanged.

3. A copy of the directive dated May 26, 2020 notifying the above extension is displayed at the bank’s premises for the perusal of public.

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

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