The Reserve Bank of India extended the period of directions on Uravakonda Cooperative Town Bank for a further period of three months from the close of business on May 24, 2024, to the close of business on August 24, 2024, subject to review.
A press statement released by RBI on Monday reads, “The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond the close of business on May 24, 2024”.
“Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from the close of business on May 24, 2024, to the close of business on August 24, 2024, subject to review”, it further reads.
All other terms and conditions of the Directive under reference shall remain unchanged.
