The Reserve Bank of India, vide directive CO.DOS.SED. No. S1918/12-22-283/2023-2024 dated June 13, 2023, had placed Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi under Directions for a period of six months from the close of business on June 14, 2023. The validity of the directions was extended from time-to-time, the last being up to September 14, 2024.

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, hereby directs that the aforesaid Directions shall continue to apply to the bank from close of business on September 14, 2024 till close of business on December 14, 2024 as per the directive DOR.MON/D-54/12-22-283/2024-25 dated September 11, 2024, subject to review.

3.All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated September 11, 2024 notifying the above extension is displayed at the bank’s premises for the perusal of public.

4.The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

(Puneet Pancholy)     
Chief General Manager

Press Release: 2024-2025/1111