The Karad Janata Sahakari Bank based in Karad, Maharashtra, will continue to be under RBI Direction till November 09, 2018, according to a press release of the Regulator.
The UCB was placed under directions vide directive dated November 07, 2017 from the close of business on November 09, 2017 for a period of 06 (six) months in the beginning.
A copy of the directive dated May 03, 2018 notifying the above extension is displayed at the bank’s premises for the perusal of public.
The aforesaid extension or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank, the release clarifies.