The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Durga Co-operative Urban Bank Ltd., Vijayawada vide Directive No. HYD.DOS.INSP4.No.S241/15-36-070/2022-2023 dated July 28, 2022 for a period of six months up to January 29, 2023 as modified from time to time, which were last extended up to close of business on October 29, 2024 vide Directive DOR.MON/D-35/12.24.020/2024-25 dated July 19, 2024. 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 October 29, 2024.
2. Accordingly, the Reserve Bank of India, in the exercise of powers vested in it under subsection (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business of October 29, 2024 to close of business of January 29, 2025, subject to review.
3. Other terms and conditions of the Directive under reference, shall remain unchanged.
(Puneet Pancholy)
Chief General Manager
Press Release: 2024-2025/1381