The Reserve Bank of India (RBI) had issued directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) to Bally Co-operative Bank Limited, Bally, Howrah, West Bengal vide Directive dated November 06, 2006. The Directions were effective from close of business on November 14, 2006 till further orders and were subject to review from time to time.

Reserve Bank, on being satisfied that in the public interest it is necessary to do so, in exercise of the powers vested in it under sub section (2) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS), hereby withdraws with effect from December 07, 2016, the said Directions so issued to Bally Co-operative Bank Limited, Bally, Howrah, West Bengal. However, the bank would continue to operate under operational instructions.

Ajit Prasad
Assistant Adviser

Press Release: 2016-2017/1505