The Reserve Bank of India extended the period of directions on National Cooperative Bank, Bangalore and Konark Urban Cooperative Bank for further period of three months.
RBI in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 extended the Directive for a further period of three months.
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 with the financial position of the bank, said RBI in a press release.
All other terms and conditions of the Directives under reference shall remain unchanged.