DIRECTIONS UNDER SECTION 35 A READ WITH SECTION 56 OF THE BANKING REGULATION ACT, 1949 (AS APPLICABLE TO CO-OPERATIVE SOCIETIES) - NEW INDIA CO-OPERATIVE BANK LIMITED, MUMBAI

MUMBAI, India, Feb. 13 -- Reserve Bank of India issued the following press release:

It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. CO.DOS.SED.No.D-01/12-22-350/2024-2025 dated February 13, 2025, has issued certain Directions to New India Co-operative Bank Limited, Mumbai ("the bank"), whereby, as from the close of business on February 13, 2025, the bank shall not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of fund...