The Reserve Bank of India extended the period of directions on several urban cooperative banks which are spread across the country from Uttar Pardesh to Maharashtra to Andhra Pradesh.
The banks on those RBI extended the directions included, Durga Co-operative Urban Bank Ltd, Vijayawada, Lucknow Urban Co-operative Bank Ltd., Lucknow (U.P.), Urban Co-operative Bank Ltd., Sitapur (U.P), Karmala Urban Co-operative Bank Limited, Solapur, Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar, Anjangaon Surji Nagari Sahakari Bank Ltd., Amravati, Maharashtra and Kapol Co-operative Bank Ltd Mumbai.
The apex Bank of India has extended directions issued to Durga Co-operative Urban Bank Ltd, Vijayawada for a period of three months from 30 July 2023 to 29 October 2023, subject to review.
Another UCB which got no respite and RBI’s Directive got extended on it is Lucknow Urban Co-operative Bank. In a release the, RBI said the Directive on the UCB shall continue to apply for a further period of three months from July 29, 2023 to October 28, 2023, subject to review.
The third UCB is Urban Co-operative Bank Ltd., Sitapur. The Directive on the UCB shall continue to apply for a further period of three months from July 27, 2023 to October 28, 2023, subject to review.
The directions extended on Karmala Urban Co-operative Bank Limited for a period of three months from 27 July 2023 to 28 October 2023, subject to review. All other terms and conditions of the Directive under reference shall remain unchanged, according to the RBI press release.
Similarly, the RBI extended directions on Jaiprakash Narayan Nagari Sahakari Bank for a further period of three months from July 30, 2023 to October 29, 2023, subject to review.
Besides, the directions on Anjangaon Surji Nagari Sahakari Bank Ltd. and Amravati, Maharashtra have been extended for a further period of three months from July 29, 2023 to October 28, 2023, subject to review.
The directions on Kapol Co-operative Bank Ltd Mumbai shall remain till October 31, 2023. A copy of the directive dated July 27, 2023, notifying the above extension is displayed at the bank’s premises for the perusal of the public.
The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that the Reserve Bank of India is satisfied with the financial position of the bank, reads a RBI press release.
