RBI extends the Directive for a further period of three months to close of business on February 17, 2024, subject to review
FinTech BizNews Service
Mumbai, November 17, 2023: The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Padmashri Dr. Vithalrao Vikhe Patil Co-operative Bank Limited, Nashik, Maharashtra vide Directive DCBS.CO.BSD-I/D-7/12.22.395/2017-18 dated May 18, 2018, for a period of six months up to November 18, 2018 as modified from time to time, which were last extended up to November 17, 2023 vide Directive DOR.MON.D-59/12.22.395/2023-24 dated August 17, 2023.The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive beyond November 17, 2023.
Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business on November 17, 2023, to close of business on February 17, 2024, subject to review.
All other terms and conditions of the Directives under reference shall remain unchanged.
