The Reserve Bank of India extended the period of directions on the Jalandhar-based Imperial Urban Cooperative Bank for a further three months on Tuesday.
In its press release, the RBI stated, “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 the close of business on March 10, 2024.”
“Accordingly, the Reserve Bank of India, in exercise of powers vested in it under subsection (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further three months from the close of business on March 10, 2024, to the close of business on June 10, 2024, subject to review,” it further reads.
All other terms and conditions of the Directive under reference shall remain unchanged.
