New Delhi: The Reserve Bank of India extended its direction for the Vasantdada Nagari Sahakari Bank, the Kapol Cooperative Bank, and the Maratha Sahakari Bank, these banks are related from Maharashtra.
The Maratha Sahakari Bank Ltd., Mumbai was placed under directions vide directive dated August 31, 2016, from the close of business on August 31, 2016, for a period of six months. The validity of the above directions was extended from time to time, the last being vided Directive dated March 18, 2020, and is valid up to July 31, 2020, for a further period of five months from August 01, 2020, to December 31, 2020.
The Kapol Co-operative Bank Ltd., Mumbai was placed under directions vide directive dated March 30, 2017, from the close of business on March 30, 2017. The validity of the above directions was extended from time to time, the last being vided Directive dated January 29, 2020, and is valid up to July 31, 2020, for a further period of six months from August 01, 2020, to January 31, 2021,
Reserve Bank of India, in the public interest, had issued directions to Vasantdada Nagari Sahakari Bank Ltd, Osmanabad, Maharashtra in the exercise of powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 from the close of business on November 13, 2017. Reserve Bank of India has now further extended the directions for a period of two months from August 01, 2020, to September 30, 2020, subject to review. Reserve Bank of India may consider modifications of the Directions depending upon the circumstances. The issue of Directions should not per se be construed as a cancellation of a banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions until its financial position improves.
The above mention statements are given by the RBI and the following terms and conditions will remain the same for all the three banks.
Posted Date : 31-07-20
Categories : BANK NEWS