The Reserve Bank of India has extended the Directions to Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka for a further period of four months from January 11, 2022 to May 10, 2022, subject to review.
In a press release on Tuesday RBI announced this. The UCB was first placed under direction through a notice dated January 02, 2020, the validity of which was extended from time to time, the last notice being valid up to January 10, 2022.
Other terms and conditions of the Directives under reference shall remain unchanged, clarified the RBI.
Administrator, R Ashokan was appointed by the apex bank to look into financial irregularities of the Bengaluru based Shri Guru Raghvendra cooperative bank. Nearly 40,000 depositors are affected and most of them are senior citizens.
Meanwhile hundreds of depositors have staged several protests and Sahakar Bharati has worked in the past to a peaceful resolution of the UCB.