In a press release RBI says “Reserve Bank of India, in the public interest, had issued Directions to Amanath Co-operative Bank Limited, Bengaluru in exercise of powers vested in under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) from the close of business on April 01, 2013.”
“Directions imposed were extended and modified from time to time, last being extended up to January 4, 2020. Reserve Bank of India on being satisfied that in the public interest it is necessary to do so, in exercise of the powers vested in it under sub-section (2) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby withdraws with effect from January 3, 2020, All Inclusive Directions issued to Amanath Co-operative Bank Limited, Bengaluru”, the release adds.
