In a press release RBI has said that in exercise of powers vested in it Kapol Co-operative Bank shall continue to be under directions for a further period of six months from August 01, 2019 to January 31, 2020, subject to review.
The Kapol Co-operative Bank Ltd., Mumbai was placed under directions first on March 30, 2017 from the close of business on March 30, 2017 for a period of six months. The validity of the above directions were extended from time to time.
All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated July 23, 2019 notifying the above extension is displayed at the bank’s premises for the perusal of public.
The aforesaid 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, the release says.