RBI extended the period of directions on Ahmedabad based Colour Merchants Cooperative Bank for a further period of three months on Wednesday.
Issuing a press release the RBI 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 March 25, 2024 to close of business on June 25, 2024 subject to review”. it said.
“All other terms and conditions of the Directive under reference shall remain unchanged”, it further added.