The Karad Janata Sahakari Bank Ltd., Karad was placed under directions vide directive dated November 7, 2017 from the close of business on November 9, 2017 for a period of six months. The validity of the above directions were extended from time to time last being vide directive dated October 30, 2018 up to March 9, 2019, reads a RBI press release.
“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 November 7, 2017, issued to the above bank, validity of which was extended vide directive dated October 30, 2018, shall continue to apply to the bank for a further period of six months from March 10, 2019 to September 9, 2019, subject to review.”
All other terms and conditions of the Directives under reference shall remain unchanged.
A copy of the directive dated March 7, 2019 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, clarifies the release.
