DIRECTIONS UNDER SECTION 35A READ WITH SECTION 56 OF THE BANKING REGULATION ACT, 1949 - SHIMSHA SAHAKARA BANK NIYAMITHA, MADDUR, MANDYA DISTRICT - EXTENSION OF PERIOD

MUMBAI, India, Nov. 20 -- Reserve Bank of India issued the following press release:

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District vide Directive No. BLR.DOS.SSMS.No.S2174/12-08-295/2022-23 dated February 23, 2023, for a period of six months up to close of business on August 24, 2023. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on November 24, 2025.

2. Accordingly, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 ...