Date: 2026-01-20Category: Not ApplicableState: Union GovernmentCountry: India
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Konark Urban Co-operative Bank Ltd., Ulhasnagar – Extension of Period
On January 20, 2026, the Reserve Bank of India (RBI) issued an extension to Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949, concerning The Konark Urban Co-operative Bank Ltd., Ulhasnagar. The initial directive, CO.DOS.SED.No.S592/45-11-001/2024-25 dated April 23, 2024, was for six months, until October 23, 2024, and was extended up to January 23, 2026 vide Directive No. DOR.MON/D-37/12.22.805/2025-26 dated October 17, 2025. This further extension is for three months, from January 23, 2026, until April 23, 2026, subject to review. The RBI clarifies that this extension should not imply satisfaction with the bank's financial position and that all other terms and conditions of the original directive remain unchanged. The Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001 can be contacted at phone number 022 - 2266 0502. The press release number is 2025-2026/1951 and was released by Brij Raj, Chief General Manager. The website is www.rbi.org.in and the email is helpdoc@rbi.org.in
Key Entities Referenced
Banking Regulation Act, 1949: The primary legislation under which directions are issued.
Section 35A: Section of the Banking Regulation Act, 1949 that empowers the Reserve Bank of India to issue directions.
Section 56: Section of the Banking Regulation Act, 1949 related to Cooperative banks under which directions are issued.
Reserve Bank of India: The issuing authority of the directive.
The Konark Urban Co-operative Bank Ltd., Ulhasnagar: The specific bank to which the directions apply.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
January 20, 2026
Directions under Section 35A read with Section 56 of the Banking Regulation
Act, 1949 – The Konark Urban Co-operative Bank Ltd., Ulhasnagar – Extension
of Period
The Reserve Bank of India issued Directions under Section 35A read with Section
56 of the Banking Regulation Act, 1949 to The Konark Urban Co-operative Bank Ltd.,
Ulhasnagar vide Directive No. CO.DOS.SED.No.S592/45-11-001/2024-25 dated April
23, 2024 for a period of six months up to close of business on October 23, 2024, which
was last extended up to close of business on January 23, 2026 vide Directive No.
DOR.MON/D-37/12.22.805/2025-26 dated October 17, 2025. The Reserve Bank of
India is satisfied that in the public interest, it is necessary to further extend the period
of operation of the Directive beyond close of business on January 23, 2026.
2. Accordingly, the Reserve Bank of India, in the exercise of powers vested in it under
sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act,
1949, hereby extends the Directive for a further period of three months from close of
business on January 23, 2026 to close of business on April 23, 2026, subject to review.
3. The aforesaid extension and /or modification by the Reserve Bank of India should
not per-se be construed to imply that the Reserve Bank of India is satisfied with the
financial position of the bank.
4. Other terms and conditions of the Directive under reference, shall remain
unchanged.
Brij Raj
Press Release: 2025-2026/1951 Chief General Manager