The Reserve Bank of India has extended the Direction on Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka for a further period of three months from February 11, 2023 to May 10, 2023, subject to review.
Bangalore based UCB was first placed under direction on January 02, 2020, the validity of which was extended from time to time. Other terms and conditions of the Directives under reference shall remain unchanged.
Several attempts have been made in the past to resolve the issue of the beleaguered bank but to no avail. Sahakar Bharati leader Satish Marathe and others had also met the Karnataka Cooperative Minister S T Somashekar for the same.