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Source: Reserve Bank of India

The Reserve Bank of India issued All Inclusive Directions to Millath Co-operative Bank Ltd., Devangere, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive DCBS.CO.BSD III.D-12/12.23.096/2018-19 dated April 26, 2019, as modified from time to time, which was last extended upto November 7, 2020 vide Directive DOR.CO.AID.No.D-78/12.23.096/2019-20 dated April 27, 2020.

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 DCBS.CO.BSD III.D-12/12.23.096/2018-19 dated April 26, 2019 issued to Millath Co-operative Bank Ltd., Devangere, Karnataka, and as modified from time to time, last being vide Directive DOR.CO.AID.No.D-78/12.23.096/2019-20 dated April 27, 2020. 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 DCBS.CO.BSD III.D-12/12.23.096/2018-19 dated April 26, 2019 issued to Millath Co-operative Bank Ltd., Devangere, Karnataka, as modified from time to time, the validity of which was last extended upto November 07, 2020 vide Directive DOR.CO.AID.No.D-78/12.23.096/2019-20 dated April 27, 2020, shall continue to apply to the bank for a further period of three months from November 08, 2020 to February 07, 2021, subject to review.

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

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/602

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