RBI issues Directions on United India Co-operative Bank Ltd., Nagina, Bijnor (Uttar Pradesh) - ଆରବିଆଇ - Reserve Bank of India
RBI issues Directions on United India Co-operative Bank Ltd., Nagina, Bijnor (Uttar Pradesh)
The Reserve Bank of India is satisfied that in the public interest, it is necessary to issue certain directions to United India Co-operative Bank Ltd., Nagina, Bijnor (Uttar Pradesh). Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949 hereby directs that the United India Co-operative Bank Ltd., Nagina, Bijnor (Uttar Pradesh) from the close of business on July 15, 2015, shall not, without prior approval in writing from the Reserve Bank of India, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose off any of its properties or assets except to the extent and in the manner provided hereunder:
It shall also not incur or extinguish any other liability unless specifically approved in writing by the Reserve Bank of India. The detailed directions are displayed on the bank's premises for the interested members of public to peruse. The Reserve Bank may consider modifications of the directions depending upon the circumstances. The issue of direction by the RBI should not per se be construed as cancellation of banking licence by RBI. The bank will continue to undertake banking business with restrictions. These directions shall remain in force for a period of six months from the close of business on July 15, 2015 and are subject to review from time to time. Ajit Prasad Press Release : 2015-2016/145 |