In a press release the RBI says it has extended the period of operation of the directive to the Amanath Cooperative Bank Ltd, Bengaluru for a further period of six months.
The Directives which was last extended upto January 4,2017 shall continue to apply to the bank for a further period of six months from January 5, 2017 to July 4, 2017 subject to review, the release reads.
Other terms and conditions of the directive under reference shall remain unchanged, it says.
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, it reads.
