The Reserve Bank of India issued Directions to Dwarkadas Mantri Nagari Sahakari Bank Ltd., Beed, Maharashtra dated March 9, 2022 which were extended from time to time, last being up to June 9, 2023.
The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive for a further period of three months from June 10, 2023, to September 9, 2023, subject to review.
The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves, says RBI.