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Date: 06-Mar-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred under Section 36 A 2 read with Section 56 of the Banking Regulation Act,

Issued by Reserve Bank of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The Reserve Bank of India (RBI) has issued a notification stating that 'The Botad Peoples Co-operative Bank Ltd., Botad' is no longer considered a co-operative bank under the Banking Regulation Act, 1949.

Key Changes

  • Effective from the date of the notification, the provisions of the Banking Regulation Act, 1949, will cease to apply to 'The Botad Peoples Co-operative Bank Ltd., Botad'.
  • This cessation does not apply to actions already taken or omitted before the date of the notification.

Impact Analysis

Impact on The Botad Peoples Co-operative Bank Ltd., Botad

  • The bank should seek legal and financial advice to understand the full implications of this change in status.

Impact on Depositors and Customers

  • Customers should review their banking arrangements with 'The Botad Peoples Co-operative Bank Ltd., Botad' to understand any potential impacts.

Impact on RBI

  • RBI will need to update its records and supervisory framework to reflect this change.

Suggested Action Items

  • Depositors and Customers: Review banking arrangements with The Botad Peoples Co-operative Bank Ltd., Botad and understand potential impacts on their accounts and services.

Key Entities Referenced

Reserve Bank of India (RBI): The central bank of India, responsible for regulating the banking sector. The Botad Peoples Co-operative Bank Ltd., Botad: A cooperative bank that is now no longer considered a cooperative bank under the Banking Regulation Act, 1949. Banking Regulation Act, 1949: An act of the Parliament of India to regulate the banking companies in India.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-06032024-252678 xxxGIDHxxx CG-DL-E-06032024-252678 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 148] नई दिल्ली, बुधर्ार, माच व6, 2024/फाल्ग नु 16, 1945 No. 148] NEW DELHI, WEDNESDAY, MARCH 6, 2024/PHALGUNA 16, 1945 भारतीय ररज़र् व बकैं अजधसचू ना नई दिल्ली, 17 िनर्री, 2024 डीओआर.एमओएन.सख्ं या एस5972/12.21.216/2023-24.—बैंककारी जर्जनयमन अजधजनयम,1949 की धारा 56 के साथ परित धारा 36 ए (2) के तहत प्रित्त िजियों का प्रयोग करत े हुए, भारतीय ररज़र्व बैंक एतिद्वारा सूजचत करता ह ै दक उि अजधजनयम के अथ व में 'दि बोटाड पीपल्स को-ऑपरेरटर् बैंक जलजमटेड, बोटाड' अब सहकारी बैंक नहीं रह गया ह ै तथा इस सूचना के पूर्व दकए गए या करन े के जलए िेष रह गए कायों के अजतररि उि अजधजनयम के सभी प्रार्धान दि बोटाड पीपल्स को-ऑपरेरटर् बैंक जलजमटेड, बोटाड, पर लाग ूनहीं होंगे। ियंत कुमार िाि, कायवपालक जनिेिक [जर्ज्ञापन-III/4/असा./799/2023-24] 1585 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] RESERVE BANK OF INDIA NOTIFICATION New Delhi, the 17th January, 2024 DoR.MON. No. S5972/ 12.21.216/2023-24.— In exercise of the powers conferred under Section 36 A (2) read with Section 56 of the Banking Regulation Act, 1949, Reserve Bank of India hereby notifies that ‘The Botad Peoples Co-operative Bank Ltd., Botad’ has ceased to be a co-operative bank within the meaning of the said Act and all the provisions of the said Act applicable to The Botad Peoples Co-operative Bank Ltd., Botad shall cease to apply to it, except as respects things done or omitted to be done before this notice. JAYANT KUMAR DASH, Executive Director [ADVT.-III/4/Exty./799/2023-24] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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