The Reserve Bank of India extended the period of directions on Maharashtra based Padmashri Dr. Vithalrao Vikhe Patil 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 extend the period of operation of the Directive beyond May 17, 2024”.it said.
“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 May 17, 2024 to close of business on August 17, 2024, subject to review”, it further added.
All other terms and conditions of the Directives under reference shall remain unchanged.