Reserve Bank issued Directions under Section 35A read with section 56 of the Banking Regulation Act, 1949 to The Mapusa Urban Co-operative Bank of Goa Ltd, Goa vide Directive dated July 24, 2015, as modified from time to time, last being vide Directive dated February 15, 2019 which extended the Directions upto August 18, 2019.

The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive dated July 24, 2015, issued to The Mapusa Urban Co-operative Bank of Goa Ltd, Goa, and as modified from time-to-time for a further period of three months. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated July 24, 2015 issued to The Mapusa Urban Co-operative Bank of Goa Ltd, Goa, as modified from time-to-time, the validity of which was last extended up to August 18, 2019, shall continue to apply to the bank for a further period of three months from August 19, 2019 to November 18, 2019 subject to review.

Other terms and conditions of the Directive under reference as modified from time-to-time shall remain unchanged.

Yogesh Dayal
Chief General Manager

Press Release: 2019-2020/445