Directions under Section 35 A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Sikar Urban Co-operative Bank Ltd, Sikar, Rajasthan – Extension of validity

Sikar Urban Co-operative Bank Ltd., Sikar, Rajasthan was placed under All-Inclusive Directions from close of business on November 09, 2018 for a period of six months subject to review, vide Directive dated October 26, 2018. The validity of the directions was last extended vide Directive dated May 4, 2020 for four months up to September 9, 2020, subject to review.

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 of Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated October 26, 2018, issued to the above bank, the validity of which was last extended up to September 09, 2020, shall continue to apply to the bank for a further period of three months from September 10, 2020 to December 09, 2020 vide Directive dated September 3, 2020, subject to review.

All the other terms and conditions of the Directive under reference shall remain unchanged. A copy of the above Directive dated September 3, 2020 notifying the extension is displayed at the bank’s premises for the perusal of public.

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 with the financial position of the bank.

Chief General Manager

Press Release by RBI