The Reserve Bank of India extended the period of directions on National Mercantile Cooperative Bank and Defence Accounts Cooperative Bank for a further period of three months.
Issuing a press release, RBI said, “All other terms and conditions of the Directions under reference shall remain unchanged. A copy of the Directive dated March 07, 2024 notifying the above extension is displayed at the bank’s premises for the perusal of members and public”.
“The issue of the above Directions by the Reserve Bank of India should not per se be construed as cancellation of banking license by RBI. The Reserve Bank may consider modifications of these Directions depending upon circumstances”, it added.