The Rajapur Sahakari Bank Ltd, Mumbai

RBI has extended the Section 35A Directions on The Rajapur Sahakari Bank Ltd, Mumbai by three months, until September 14, 2024. The existing conditions on the bank continue unchanged.

The bank continues to operate under the existing RBI-imposed directions through September 14, 2024, subject to review. Depositors and other stakeholders remain affected by the same restrictions and conditions already in force; no relaxation is granted by this release.

• Section 35 A
• Section 56 of the Banking Regulation Act, 1949

RBI has extended the existing Directions on The Rajapur Sahakari Bank Ltd., Mumbai for another three months. The earlier operating conditions continue unchanged.

The bank continues to operate under the same RBI-imposed directions until June 14, 2024, subject to review. Any existing operational constraints on the bank remain in place, and customers, depositors, and counterparties continue to be affected by those unchanged conditions.

• Section 35 A
• Section 56
• sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949

RBI has extended the existing Section 35A directions on The Rajapur Sahakari Bank Ltd., Mumbai. The order continues from December 14, 2023 to March 14, 2024, with no other terms changed.

The bank remains subject to the same operational restrictions contained in the existing Section 35A directions through March 14, 2024. Depositors, customers, and counterparties must continue to deal with the bank within the limits of those unchanged conditions, and the order remains under review.

• Section 35 A
• Section 56 of the Banking Regulation Act, 1949

RBI imposed Section 35A directions on The Rajapur Sahakari Bank Ltd., Mumbai. The bank faces broad lending, deposit, payment, and asset-disposal restrictions, along with a ₹15,000 withdrawal cap per depositor.

The bank must operate under strict RBI-imposed controls from June 14, 2023 for six months unless modified earlier. Core activities such as lending, raising liabilities, accepting fresh deposits, making payments, and disposing of assets are constrained, and depositors can withdraw only up to ₹15,000 under the stated conditions. The order affects the bank’s customers, particularly depositors and borrowers, by limiting access to funds and new credit.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949
• Section 18A of the DICGC Act (amendment) 2021