Reserve Bank of India
In exercise of powers conferred under Section 27 and 35-A read with Section 56 of the Banking Regulation Act, 1949, extant provisions of the Reserve Bank of India Act, 1934, extant provisions of the Banking Regulations (Co-operative Societies) Rules, 1966, and all other provisions / laws enabling the Reserve Bank of India (‘RBI’) in this regard, RBI being satisfied that it is necessary and expedient in the public interest so to do, hereby, these Directions hereinafter specified.