In a press release RBI said that the Direction on Madgaum Urban Co-operative Bank shall continue to apply to the bank for a further period of two months from June 03, 2021 to August 02, 2021, as per the Directive dated June 02, 2021, subject to review.
All other terms and conditions of the Directive under reference shall remain unchanged. A copy of the Directive dated June 02, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of public.
The UCB was first placed under direction from the close of business on May 02, 2019 for a period of six months. The validity of the Directions was extended from time to time.