DIRECTIONS UNDER SECTION 35A READ WITH SECTION 56 OF THE BANKING REGULATION ACT, 1949 - SHREE MAHALAXMI URBAN CO-OPERATIVE CREDIT BANK LTD., GOKAK (KARNATAKA) - EXTENSION OF PERIOD

MUMBAI, India, March 26 -- Reserve Bank of India issued the following press release:

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak vide Directive No. CO.DOS.SED.No.S4800/12-23-151/2024-2025 dated September 26, 2024, for a period of six months up to close of business on March 27, 2025. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on March 27, 2025.

2. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 ...