RBI extends directions for Karad Janata Sahakari Bank Ltd
10/09/2019 13:35

The Reserve Bank of India said in a press release that the Karad Janata Sahakari Bank Ltd., Karad was placed under directions vide directive DCBS.CO.BSD-1/D-4/12.22.126/2017-18 dated November 7, 2017 from the close of business on November 9, 2017 for a period of six months.

The RBI said that the validity of the above directions were extended from time to time last being vide Directive DCBR.CO.AID/No.D-36/12.22.126/2018-19 dated March 07, 2019 up to September 09, 2019.

The Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies), hereby directs that the Directive DCBR.CO.AID/No.D-36/12.22.126/2018-19 dated March 07, 2019 issued to The Karad Janata Sahakari Bank Ltd., Karad as modified from time to time, the validity of which last extended up to September 9, 2019, shall continue to apply to the bank for a further period of six months from September 10, 2019 to March 9, 2020, as per the Directive DCBR.CO.AID/No.D-13/ 12.22.126/2019-20 dated September 5, 2019, subject to review.

Further, all other terms and conditions of the Directives under reference shall remain unchanged.

RBI said that a copy of the directive dated September 5, 2019 notifying the above extension is displayed at the bank’s premises for the perusal of public.

The extension and/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.