Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Pune Sahakari Bank Ltd., Shivajinagar, Pune, Maharashtra
RBI
The RBI, through directive CO.DOS.SED.No.S8240/12-22-493/2022-2023 dated March 09, 2023, initially imposed Directions on Pune Sahakari Bank Ltd., Pune, Maharashtra, effective March 10, 2023, for six months. The Directions were periodically extended, with the latest extension up to June 10, 2024. \r
Now, the RBI, under its powers vested in Section 35 A and Section 56 of the Banking Regulation Act, 1949, extends the Directions for another three months until September 10, 2024, per Directive 'DOR.MON.D-26/12.22.493/2024-2025' dated June 06, 2024. All terms remain unchanged. This extension doesn't imply RBI's satisfaction with the bank's financial position. \r
The directive is displayed at the bank's premises for public reference.
