RBI Extends Restrictions on City Co-Operative Bank till 16.04.2022 from Jan 16 earlier

The Reserve Bank of India (RBI) has extended the restrictions on The City Co-Operative Bank till 16 April 2022 from 16 Jan 2022 earlier.

In this regard, RBI issued a press release as below:

Date : Jan 17, 2022

Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The City Co-operative Bank Limited, Mumbai – Extension of period

The Reserve Bank of India, vide directive DCBS.CO.BSD-I/D-5/12.22.039/2017-18 dated April 17, 2018, had placed The City Co-operative Bank Ltd, Mumbai under Directions from the close of business on April 17, 2018. The validity of the directions was extended from time-to-time, the last being up to January 16, 2022.

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 aforesaid Directions shall continue to apply to the bank till April 16, 2022 as per the directive DOR.MON.D-61/12.22.039/2021-22 dated January 14, 2022, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated January 14, 2022 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 with the financial position of the bank.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/1553

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