The Reserve Bank of India extended the period of directions on the Punjab based Imperial Urban Cooperative Bank for a further period of three months.
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 of September 10, 2024”, it stated.
“Accordingly, 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, hereby extends the Directive for a further period of three months from close of business of September 10, 2024 to close of business of December 10, 2024, subject to review”, it added.
Other terms and conditions of the Directive under reference, shall remain unchanged.