The Reserve Bank extended the period of directions on Purvanchal Cooperative Bank for a further period of three months.
In a press release 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 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS), hereby directs that the aforesaid Directions shall continue to apply on to the bank from close of business on May 29, 2024 to close of business on August 29, 2024, subject to review”.
“All other terms and conditions of the Directions under reference shall remain unchanged. A copy of the Directive dated May 24, 2024 notifying the above extension is displayed at the bank’s premises for the perusal of members and public”, it further added.
The RBI 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”.