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Finance Minister addresses the Central Board of Directors of Reserve Bank of India
February, 13th 2023

The Reserve Bank of India issued Directions to Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 vide Directive DOS.CO.UCB.BSD-III.D-2/12.23.283/2019-20 dated January 02, 2020, the validity of which was extended from time to time, last been vide Directive DOR.MON/D-40/12.23.283/2022-23 dated November 09, 2022 up to February 10, 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.UCB.BSD-III.D-2/12.23.283/2019-20 dated January 02, 2020, issued to Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka, and as last modified vide Directive DOR.MON/D-40/12.23.283/2022-23 dated November 09, 2022. Accordingly, 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 Directive DOS.CO.UCB.BSD-III.D-2/12.23.283/2019-20 dated January 02, 2020 issued to Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka, as modified vide Directive DOR.MON/D-40/12.23.283/2022-23 dated November 09, 2022, the validity of which was up to February 10, 2023, shall continue to apply to the bank for a further period of three months from February 11, 2023 to May 10, 2023, subject to review.

3. Other terms and conditions of the Directives under reference shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/1708

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