The Central Government on the recommendation of the Reserve Bank of India has issued orders of moratorium on the Sikkim Bank Ltd. for the period from the close of business on March 8, 1999 upto and inclusive of June 5, 1999 under the provisions of Sub-Section (2) of Section 45 of the Banking Regulation Act,1949.The moratorium has been declared in public interest, in the interest of the depositors and the banking system.During the period of moratorium, the bank has bee

The Reserve Bank of India has rejected the licence application of the Suprabhat Sahakari Bank Ltd., Ahmedabad, Gujarat to carry on banking business in India. The bank is precluded from transacting the business of 'banking' as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) and it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order or otherwise.Alpana Kil

The Reserve Bank of India has given `in-principle' approval for establishment of five more local area banks viz (1) Capital Local Area Bank Ltd., Nakodar, Punjab (2) Coastal Local Area Bank Ltd., Vijayawada, Andhra Pradesh (3) Local Area Bank of Kongunadu Ltd., Salem, Tamil Nadu (4) Vinayak Local Area Bank Ltd., Sikar, Rajasthan and (5) Central Gujarat Local Area Bank Ltd., Dabhoi, Gujarat. The `in-principle' approval has been given subject to the proposed banks compl

The Reserve Bank of India had granted, in January 1994, an 'in-principle' approval for setting up a new banking company under the name of 'Bank of Gujarat Ltd.,' with its headquarters at Ahmedabad. In view of the inordinate delay in setting up of the proposed bank, the Reserve Bank has withdrawn the 'in-principle' approval today. The bank, therefore, cannot be set up.Maureen Shankar ManagerPress Release : 1998-99/960

The Reserve Bank of India, in terms of the powers vested in it under Section 22(2) of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) has on November 27, 1998 rejected the licence application of the Ravikiran Urban Co-operative Bank Ltd., Mumbai, to conduct banking business in India, in view of its extremely unsatisfactory financial position. Maureen Shankar Manager Press Release:1998-99/723

The Reserve Bank of India has rejected the application submitted by the Koduvayur Co-operative Urban Bank Ltd., Koduvayur, District Palakkad, Kerala to carry on banking business. The bank is precluded from transacting the business of 'banking' as defined in the Banking Regulation Act, 1949 (as applicable to co-operative societies) and it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft order or

The Reserve Bank of India has rejected the application submitted by the Gudur Co-operative Urban Bank Ltd., Gudur, District Nellore, Andhra Pradesh, to carry on banking business. The bank is precluded from transacting the business of 'banking' as defined in the Banking Regulation Act, 1949 (as applicable to co-operative societies) and it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft order or

It has come to the notice of the Reserve Bank of India that one Dr.Ranvir Kumar Singh whose address is 4-U.F. Babar Place, Near Bengali Market, New Delhi-110 001 is going to open a commercial bank in the name and style of "Rajdhani Bank Ltd." with its Registered Office at Sector-7, Pocket C-8/13, Rohini, New Delhi 110 085. It has also come to the notice of the Reserve Bank of India that the said Dr.Ranvir Kumar Singh is going to open a cooperative bank in the name and

The Reserve Bank of India has, on October 17, 1998, cancelled the licence of the Awami Mercantile Co-operative Bank Ltd., Mumbai, to conduct banking business in India. The Reserve Bank has decided to cancel the licence of the Awami Mercantile Co-operative Bank in view of the extremely unsatisfactory financial position of the bank and in terms of the power vested in the Reserve Bank under Section 22(A) of the Banking Regulation Act, 1949, as applicable to co-operative

Considering the extremely unsatisfactory financial position of the Dadar Janata Sahakari Bank Ltd., Dadar, Mumbai, the Reserve Bank of India vide its order dated December 16, 1997 passed in terms of the power vested in it under Section 22(4) of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) has cancelled the licence of the said bank to conduct banking business in India. (Alpana Killawala) General Manager Press Release : 1997-98/620

As per the Agreement signed between the Reserve Bank of India and Government of India on September 9, 1994, the system of ad-hoc Treasury Bills is to be discontinued by 1997-98. The Budget for 1997-98 has announced the decision to introduce a new system upon the discontinuation of the ad-hoc Treasury Bills from the financial year 1997-98. Consequently, the Reserve Bank of India and Government of India propose to enter into a fresh Agreement to give effect to the new s

The Reserve Bank of India issued Directions to Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi (Gujarat), under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS), vide Directive AMD.DOS.SSM.No.S1561/11-03-203/2022-2023 dated March 02, 2023, for a period of six months up to September 03, 2023. 2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Direct

The Reserve Bank of India issued Directions to Musiri Urban Co-operative Bank Limited, Musiri under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive No. CHN.DoS.UCBs.No.S1135/12-01-849/2022-23 dated March 02, 2023, for a period of six months up to September 02, 2023. 2. 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 September 02, 20

The Reserve Bank of India, vide Directive LKO.DOS.SED.No.S850/10-03-030/2022-2023 dated March 02, 2023, issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), had placed the Banaras Merchantile Co-operative Bank Ltd., Varanasi (U.P) under Directions from the close of business on March 03, 2023. The validity of the Directions was up to September 03, 2023. 2. It is hereby notified for the information

It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. LKO.DoS.SED.No.S-381/10.12.359/2023-24 dated August 28, 2023, has issued certain Directions to Purvanchal Co-operative Bank Limited, Ghazipur, whereby, as from the close of business on August

It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. NGP.DoS.SSM 3.No.S675/15.03.302/2023-2024 dated August 28, 2023, has issued certain Directions to Ajantha Urban Co-operative Bank Maryadit, Aurangabad, whereby, as from the close of business

The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Akola Merchant Co-operative Bank Ltd., Akola, Maharashtra with The Jalgaon Peoples Co-operative Bank Ltd., Jalgaon, Maharashtra. The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from August 28, 2023. The branches of Akola Merchant Co-operative

The Reserve Bank of India issued Directions to Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive NGP.DOS.SSM 3.No.S1391/15-04-301/2022-23 dated February 23, 2023, for a period of six months up to August 24, 2023. 2. 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 beyo

The Reserve Bank of India issued Directions to Thodupuzha Urban Co-operative Urban Bank Ltd, Kerala under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), vide Directive No. CO.DOS.SED.No.S3361/12.07.005/2022-23 dated August 23, 2022, from close of business on August 23, 2022, for a period of six months, which were extended from time to time, last being up to August 23, 2023, vide Directive No. DOR.MON.D-25/12.16.051/2023-24 dated May 23, 2

The Reserve Bank of India, vide Directive LKO.DOS.SED.No.S842/10-12-133/2022-2023 dated February 23, 2023 issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), had placed the HCBL Co-operative Bank Ltd., Lucknow (U.P.) under Directions from the close of business on February 24, 2023. The validity of the Directions was up to August 24, 2023. 2. It is hereby notified for the information of the public that, the Reserve Bank of India, i