It is rare that RBI’s directions are withdrawn from an urban cooperative bank. But the Janata Commercial Cooperative Bank based in Khamgaon (Buldhana), Maharashtra has achieved this distinction.
An RBI press release said that it has withdrawn the All Inclusive Directions issued on September 12, 2012 to “The Janata Commercial Cooperative Bank Ltd., Khamgaon (Buldhana), Maharashtra” with effect from the close of business as on August 26, 2015.
The withdrawal of Directions is in exercise of powers vested in the Reserve Bank under sub section (2) of Section 35A of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies).
A copy of the Order is displayed on the bank’s premises for perusal by interested members of public. The bank will continue to undertake regular banking business hereafter.