In a press release the apex bank of Indian RBI has extended the period of direction on the Merchants’ Co-operative Bank , Dhule.
In the release it says” It is hereby notified for the information of the public that validity period of directions imposed on The Merchants’ Co-operative Bank Ltd., Dhule, as on December 12, 2012 has been extended for a further period of six months from June 13, 2014 to December 12, 2014 as per modified directive dated May 15, 2014 subject to review.
The RBI notes that the other terms and conditions remain unchanged. A copy of the direction dated May 15, 2014 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, it adds.