Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – Millath Co-operative Bank Ltd., Devangere, Karnataka – Extension of Period

Shri Natarajan Chandrasekaran re-nominated as part-time non-official Director on Central Board of Reserve Bank of India
Shri Natarajan Chandrasekaran re-nominated as part-time non-official Director on Central Board of Reserve Bank of India
The Reserve Bank of India issued All Inclusive Directions to Millath Co-operative Bank Ltd., Devangere, Karnataka under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 vide Directive DCBS.CO.BSD III.D-12/12.23.096/ 2018-19 dated April 26, 2019, the validity of which was last extended vide Directive DCBR.CO.AID.No.D-37/12.23.096/2019-20 dated November 5, 2019 up to May 7, 2020.

2. The Reserve Bank of India is satisfied that in public interest, it is necessary to extend the period of operation of the Directive DCBS.CO.BSDIII.D-12/12.23.096/2018-19 dated April 26, 2019 as modified vide Directive DCBR.CO.AID.No.D-37/12.23.096/2019-20 dated November 5, 2019, issued to Millath Co-operative Bank Ltd., Devangere, Karnataka. Accordingly, 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 DCBS.CO.BSD III.D-12/12.23.096/2018-19 dated April 26, 2019 issued to Millath Co-operative Bank Ltd., Devangere, Karnataka the validity of which was extended upto May 07, 2020 vide Directive DCBR.CO.AID.No.D-37/12.23.096/ 2019-20 dated November 5, 2019, shall continue to apply to the bank for a further period of six months from May 8, 2020 to November 07, 2020, subject to review.

3. Other terms and conditions of the Directives under reference shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2019-2020/2334

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