Dhule based Merchant co-op Bank’s trouble is yet not over. The Urban Cooperative Bank which was put under Directions by the RBI has been declared to continue in the same state by the latter.
In a press release RBI says “ the validity period of directions imposed on The Merchants’ Co-operative Bank Ltd., Dhule has been extended for a further period of six months from December 13, 2013 to June 12, 2014.
The other terms and conditions remain unchanged. A copy of the direction dated December 3, 2013 notifying the above modification is displayed at the bank’s premises for the perusal of public.
The aforesaid 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, the release adds.