The Reserve Bank of India has extended directions on three urban cooperative banks for a few more months on Tuesday.
These banks are— Nashik Zilla Girna Sahakari Bank Limited, Nashik, Maharashtra, Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski and Raigad Sahakari Bank Limited, Mumbai, Maharashtra.
The Reserve Bank of India has extended directions issued to Nashik Zilla Girna Sahakari Bank Limited, Nashik, Maharashtra for a period of three months from 19 July 2023 to 18 October 2023, subject to review. The Bank has been under direction from the close of business of July 15, 2022.
Another UCB which got no respite and got RBI’s Directive extended on it is Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski, Karnataka. In a release RBI said the Directive on the UCB shall continue to apply for a further period of three months from July 19, 2023 to October18, 2023, subject to review.
The third UCB which also failed to get any respite is Raigad Sahakari Bank Limited, Mumbai. The Reserve Bank of India issued Directions to the UCB dated July 19, 2023 for a period of three months up to October 18, 2023, subject to review.
The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that the Reserve Bank of India is satisfied with the financial position of the bank.