The Reserve Bank of India extended the period of directions on several cooperative banks last week. Some of these banks include Sumerpur Mercantile Urban Co-operative Bank, Nagar Urban Co-operative Bank Ltd, Hiriyur Urban Co-operative Bank Ltd and Imperial Urban Cooperative Bank Ltd,
Directions were extended as the objective conditions of the banks have not improved so much that these could be withdrawn. Other banks in the list include Dwarkadas Mantri Nagari Sahakari Bank Ltd, National Mercantile Co-operative Bank Ltd, Sikar Urban Co-operative Bank Limited, Defence Accounts Cooperative Bank ltd and Pune Sahakari Bank Ltd.
The RBI extended directions on Rajasthan based Sumerpur Mercantile Urban Co-operative Bank for a further period of three months from the close of business on September 06, 2023 to the close of business on December 06, 2023.
Besides, the directions on Nagar Urban Co-operative Bank Ltd, Ahmednagar shall continue to apply to the bank till the close of business on December 06, 2023, subject to review.
Similarly, the Reserve Bank of India issued a directive for a further period of three months from the close of business on September 10, 2023 to the close of business on December 10, 2023, subject to review.
The Reserve Bank of India issued directions on Imperial Urban Cooperative Bank Ltd., Jalandhar for a further period of three months from the close of business on September 10, 2023 to the close of business on December 10, 2023, subject to review.
The Directions on Dwarkadas Mantri Nagari Sahakari Bank Ltd., Beed have been extended for a further period of three months from the close of business on September 09, 2023 to the close of business on December 09, 2023, subject to review.
The directions on National Mercantile Co-operative Bank Ltd., Lucknow (U.P.) shall continue to apply to the bank from the close of business on September 10, 2023 to the close of business on December 10, 2023, subject to review.
The RBI extended directions on Sikar Urban Co-operative Bank Ltd., Sikar, Rajasthan for a further period of three months from the close of business on September 09, 2023 to the close of business on December 09, 2023, subject to review.
The directions on Defence Accounts Cooperative Bank ltd, Pune shall continue to apply to the bank till the close of business on December 10, 2023, subject to review.
The Reserve Bank of India has extended the directions on Pune Sahakari Bank Ltd., Shivajinagar, for a further period of three months from the close of business on September 10, 2023, to the close of business on December 10, 2023.
All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the Directive dated September 07, 2023, notifying the above extension is displayed at the bank’s premises for the perusal of the public.
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.