The Reserve Bank of India (RBI) has extended the period of directions imposed on Sarvodaya Cooperative Bank, Mumbai, for an additional three months.
The extension will be effective from the close of business on January 15, 2025, and will remain in force until the close of business on April 15, 2025, subject to review.
In a press release, the RBI stated, “The Reserve Bank of India, on April 15, 2024, had placed Sarvodaya Cooperative Bank Ltd., Mumbai, under directions for a period of six months up to the close of business on October 15, 2024”.
“These directions were modified from time to time, with the latest extension valid up to January 15, 2025. It is hereby notified that the aforesaid directions shall continue to apply to the bank from January 15, 2025, to April 15, 2025, unless reviewed earlier.”
The central bank clarified that all other terms and conditions of the original directives remain unchanged. A copy of the directive dated January 10, 2025, has been displayed at the bank’s premises for public information.
Additionally, the RBI cautioned that the extension or modification of the directions should not be interpreted as an endorsement of the bank’s financial position.
