Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) –The Kapol Co-operative Bank Ltd., Mumbai, Maharashtra- Extension of period

The Kapol Co-operative Bank Ltd., Mumbai was placed under directions vide directive dated March 30, 2017 from the close of business on March 30, 2017 for a period of six months. The validity of the above directions were extended from time to time upto January 31, 2019 vide directive dated July 23, 2018. 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 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies), hereby directs that the Directive dated March 30, 2017, issued to the above bank, validity of which was extended vide directive dated July 23, 2018, shall continue to apply to the bank for a further period of six months from February 01, 2019 to July 31, 2019, subject to review. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive DCBR.CO.AID.No.D-29/12.22.111/2018-19 dated January 24, 2019 notifying the above 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 of substantive improvement in the financial position of the bank. Ajit Prasad Assistant Adviser Press Release : 2018-2019/1798

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