Reserve Bank of India has extended the period of directions on Uravakonda Cooperative Town Bank for a further period of three months till May 24, 2024.
In its press release the apex bank said, “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 the close of business on February 24, 2024”.
“Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from the close of business on February 24, 2024 to the close of business on May 24, 2024, subject to review”, it further reads.
All other terms and conditions of the Directive under reference shall remain unchanged.