The Reserve Bank of India extended the period of directions on Ahmedabad Color Merchants Cooperative Bank for further three months.
Issuing a press release, the RBI said, “The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on June 25, 2024”.it said.
“Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business on June 25, 2024 to close of business on September 25, 2024, subject to review”, it further added.
All other terms and conditions of the Directive under reference shall remain unchanged.
