Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka – Extension of Period

Summary:

The Reserve Bank of India (RBI) has decided to extend the period of operation of its Directions under Section 35A and Section 56 of the Banking Regulation Act, 1949, regarding Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka. The original directive, issued on January 02, 2020, was modified and extended several times, with the last extension ending on May 10, 2024. The RBI is now extending the directive for an additional three months, from May 11, 2024 to August 10, 2024, to ensure a smooth transition.