Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Pune Sahakari Bank Ltd., Shivajinagar, Pune, Maharashtra
The Reserve Bank of India, vide directive CO.DOS.SED.No.S8240/12-22-493/2022-2023 dated March 09, 2023, had placed Pune Sahakari Bank Ltd., Shivajinagar, Pune, Maharashtra under Directions from the close of business on March 10, 2023, for a period of six months. The validity of the directions was extended from time-to-time, the last being up to March 10, 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 10, 2024, to close of business on June 10, 2024 as per the Directive ‘DOR.MON.D-135/12.22.493/2023-2024' dated March 04, 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 04, 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.