The Reserve Bank of India has extended the validity period of directions imposed on Rupee Co-operative Bank based in Pune, Maharashtra.
The apex bank has extended the period for six months from August 22, 2013 to February 21, 2014. The other terms and conditions remain unchanged.
A copy of the Reserve Bank’s direction dated August 14, 2013 notifying the modification is displayed at the bank’s premises for the perusal of public.
A press release of RBI read “The modification should not per se be construed as the Reserve Bank cancelling the banking licence of Rupee Cooperative Bank Ltd. “
“The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances”, according to RBI.