The validity period of directions imposed on The Merchants’ Co-operative Bank Ltd., Dhule, Maharashtra dated December 12, 2012 has been extended for a further period of six months from June 13, 2013 to December 12, 2013.
The imposed directions would be reviewed on December 12 before arriving at a decision, according to RBI.
A copy of the direction dated June 3, 2013 notifying the above modification is displayed at the bank’s premises for the perusal of public.
The aforesaid 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, a RBI release said.