The Reserve Bank of India extended the period of directions on Banaras Mercantile Cooperative Bank for a further period of three months.
Issuing a press release in this regard, the RBI said, “ It is hereby notified for the information of the public that, 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 directs that the aforesaid Directions shall continue to apply to the bank from close of business on June 03, 2024 to close of business on September 03, 2024, subject to review”.
“All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the Directive dated May 28, 2024 notifying the above extension is displayed at the bank’s premises for the perusal of public”, the press release added.
The RBI further said, “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”, the apex bank said.