Reserve Bank of India has extended the Direction on the Kapol Cooperative Bank Ltd Mumbai till April 30, 2023, subject to review.
The UCB was put under Directions from the close of business on March 30, 2017 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to January 31, 2023.
All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated January 31, 2023 notifying the above extension is displayed at the bank’s premises for the perusal of the public.
The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank, clarifies the RBI.