RBI has extended the period of directions on National Mercantile Cooperative Bank and Sikar Urban Cooperative Bank for a further period of three months, as per the release issued by the apex bank.
The directions on National Mercantile Cooperative Bank shall continue to apply on to the bank from close of business on June 10, 2024 to close of business on September 10, 2024, subject to review the release stated.
“All other terms and conditions of the Directions under reference shall remain unchanged. A copy of the Directive dated June 05, 2024 notifying the above extension is displayed at the bank’s premises for the perusal of members and public”, reads a RBI press release in the context to National Mercantile Cooperative Bank.
Besides, the directions of Sikar Urban Cooperative Bank shall continue to apply to the bank for a further period of three months from close of business on June 09, 2024 to close of business on September 09, 2024, vide Directive dated June 05, 2024, subject to review, according to the release.
“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”, the release said.
