The Reserve Bank of India extended the period of directions on Kerala based Thodupuzha Urban Cooperative Bank for a further period of three months.
In a press release 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 aforesaid Directions”.
“Accordingly, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India has directed that the Directive issued to Thodupuzha Urban Co-operative Bank Ltd., Kerala, the validity of which were last extended up to May 23, 2024, shall continue to apply to the bank for a further period of three months, i.e., from close of business on May 23, 2024, to close of business on August 23, 2024, subject to review”, the press release added.
“Other terms and conditions of the Directive under reference, as modified from time to time, shall remain unchanged”, it reads.