Reserve Bank of India has extended the Directions on Kapol Cooperative Bank and said in a release that they shall continue to apply to the bank till January 31, 2023, subject to review.
The UCB was first placed under restriction on March 30, 2017 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to October 31, 2022.
All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated October 18, 2022 notifying the above extension is displayed at the bank’s premises for the perusal of the public, says RBI.
The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank, adds the release.
