SEBI- Press Releases

Directions under Section 35 A read with Section 56 of the BR Act (AACS), 1949 – The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala – Extension of period

The Reserve Bank of India issued Directions to The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala under Section 35 A read with Section 56 of the BR Act (AACS), 1949 vide Directive DCBS.CO.PCC D-4/12.26.004/2018-19 dated November 02, 2018, from close of business on November 9, 2018 for a period of six months, which were last extended up to August 09, 2020 vide the Directive DOR.CO.AID/D-79/12.26.004/2019-20 dated April 29, 2020.

The Reserve Bank of India has reviewed the financial position of the said bank and considers it necessary in public interest to extend the aforesaid directions. Accordingly, vide DOR.CO.AID/No.D-12/12.26.004/2020-21 dated August 04, 2020, 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, the Reserve Bank of India hereby directs that the Directive DCBS.CO.PCC.D-4/12.26.004/2018-19 dated November 02, 2018, issued to Adoor Co-operative Urban Bank Limited, Adoor, Kerala the validity of which was last extended up to August 09, 2020 shall continue to apply to the bank for a further period of four months, from August 10, 2020 to December 09, 2020, subject to review. Other terms and conditions of the Directive under reference, as modified from time to time, shall remain unchanged.

(Yogesh Dayal)
Chief General Manager