Reserve Bank of India has extended its Direction on Bengaluru based Amanath Co-operative Bank for a further period of six months from July 5, 2018 to January 4, 2019.
In a press release RBI said” It is hereby notified for information of public that the Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the directive dated April 01, 2013”.
Other terms and conditions of the directive under reference shall remain unchanged. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking licence by RBI.
The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.