In a similar case as with Faiz Bank, RBI extended direction on Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi (Gujarat) for a period of three months.
The UCB was placed under direction ated March 02, 2023, for a period of six months up to September 03, 2023. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond September 03, 2023.
Other terms and conditions of the Directives under reference shall remain unchanged.