The Reserve Bank of India extended the period of directions on Assam based Mahabhairab Cooperative Urban Bank for further three months on Thursday.
Issuing a press release in this regard, RBI said, “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 close of business on July 12, 2024”.the release stated.
“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 close of business on July 12,
2024 to close of business on October 12, 2024, subject to review”, it further added.
All other terms and conditions of the Directive under reference shall remain unchanged.