The Reserve Bank of India has extended the period of directions on Shimsha Sahakara Bank Niyamitha, Maddur for a further period of three months from 25th August 2023 to 24 November 2023, subject to review.
According to the press release issued by the RBI, “The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shimsha Sahakara Bank Niyamitha, Maddur, Karnataka vide Directive dated February 23, 2023 for a period of six months up to August 24, 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 August 24, 2023”, the release further reads.
All other terms and conditions of the Directive under reference shall remain unchanged.