The Reserve Bank of India (RBI) has announced an extension of the period of directions imposed on the Bangalore-based National Cooperative Bank.
In a press release issued today, the RBI stated, “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 April 24, 2024, to the close of business on July 24, 2024, subject to review.”
The statement further emphasized, “All other terms and conditions of the Directive under reference shall remain unchanged.”
The extension of the directive underscores the ongoing oversight and regulatory measures undertaken by the RBI to ensure the stability and soundness of financial institutions within the cooperative banking sector. This move aims to address any underlying concerns and promote the orderly functioning of the National Cooperative Bank during the extended period.
