Trouble continues for Kapol Co-op Bank

In a press release the regulator of urban cooperative banks RBI has said “The Kapol Co-operative Bank, Mumbai, Maharashtra, was placed under directions vide directive dated March 30, 2017 from close of business on March 30, 2017.”

It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated March 30, 2017 issued to the above bank, shall continue to apply to the bank for a further period of six months till March 31, 2018 vide Directive dated September 25, 2017 subject to review, the release read.

A copy of the directive dated September 25, 2017 notifying the above extension is displayed at the bank’s premises for the perusal of public.

The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank, RBI clarifies.

 

Share This:

Leave a Reply

Your email address will not be published.

Facebook

Twitter