The Karad Janata Sahakari Bank Ltd., Karad was placed under directions earlier would continue to be under them for a further period of four months from November 10, 2018 to March 09, 2019, reads a press release by RBI.
It was November 07, 2017 from the close of business on November 09, 2017 that the UCB was placed under Direction for a period of six months. The validity of the above directions were extended by further six months i.e. up to November 09, 2018.
All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive notifying the above extension is displayed at the bank’s premises for the perusal of 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 of substantive improvement in the financial position of the bank.