The Reserve Bank of India issued Directions to Dwarkadas Mantri Nagari Sahakari Bank Ltd., Beed, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive DoS.CO.NSUCBs-West/D-4/S3706/12.07.005/2021-22 dated March 9, 2022 which were extended from time to time, last being up to June 9, 2023, vide Directive DOR.MON/D-84/12.22.613/2022-23 dated March 8, 2023.

2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive DoS.CO.NSUCBs-West/D-4/S3706/12.07.005/2021-22 dated March 9, 2022, as modified from time to time, last being vide Directive DOR.MON/D-84/12.22.613/2022-23 dated March 8, 2022, issued to Dwarkadas Mantri Nagari Sahakari Bank Ltd., Beed, Maharashtra. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive DoS.CO.NSUCBs-West/D-4/S3706/12.07.005/2021-22 dated March 9, 2022, issued to Dwarkadas Mantri Nagari Sahakari Bank. Ltd., Beed, Maharashtra, as modified from time to time, the validity of which was last extended up to June 9, 2023 vide DOR.MON/D-84/12.22.613/2022-23 dated March 8, 2022, shall continue to apply to the bank for a further period of three months from June 10, 2023, to September 9, 2023, subject to review.

3. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/384