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 of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS), hereby directs that the aforesaid Directions shall continue to apply to the bank till December 03, 2023 as per the Directive DOR.MON.D-61/12.28.066/2023-24 dated August 28, 2023, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the Directive dated August 28, 2023 notifying the above extension is displayed at the bank’s premises for the perusal of members and public.

4. The issue of the above Directions by the RBI should not, per se, be construed as cancellation of banking license by RBI. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/834