The Reserve Bank of India (RBI) has extended the Directions imposed on Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak (Karnataka) for a further period of three months, citing public interest.
The bank was originally placed under Directions by the RBI under Section 35A read with Section 56 of the Banking Regulation Act, 1949, vide an order dated September 26, 2024, for a period of six months up to the close of business on March 27, 2025.
The Directions were subsequently extended up to December 27, 2025. The RBI has now decided to further extend the operation of the Directive from the close of business on December 27, 2025, to the close of business on March 27, 2026, subject to review.
The central bank clarified that the extension and/or any modification of the Directions should not be construed as an indication of RBI’s satisfaction with the financial position of the bank.
All other terms and conditions of the earlier Directive will remain unchanged during the extended period.
