In exercise of the powers vested under Sub-Section (1) of Section 35A of Banking Regulation Act, 1949 (AACS), directions were imposed by the Reserve Bank of India, in the interest of public, on The Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad from the close of business as on April 02, 2012. The directions were modified on May 18, 2012.

The period of directions imposed on the bank has since been extended for a further period of six months up to April 02, 2013 vide a directive dated September 21, 2012 in exercise of the powers vested under sub-Section (1) of Section 35A of Banking Regulation Act, 1949 (AACS), subject to review. The modified directive is displayed on the bank's premises for interested members of the public to peruse.

Ajit Prasad
Assistant General Manager

Press Release : 2012-2013/544