Money & Banking

RBI extends validity of directions issued to Rupee Co-operative Bank

Our Bureau Mumbai | Updated on May 28, 2020

The Reserve Bank of India (RBI) has extended the validity of the directions it issued to Pune-based Rupee Co-operative Bank for a further period of three months from June 1to August 31.

This bank, which was established in 1912, was first placed under directions with effect from close of business on February 22, 2013.

“The validity of the directions was extended from time to time vide subsequent directives, the last being directive…dated February 26, 2020, and was valid up to May 31, 2020, subject to review, the central bank said in a statement.

According to the statement, the aforesaid extension and/or modification by the Reserve Bank of India, should not per-se be construed to imply that it is satisfied of substantive improvement in the financial position of the bank.

Published on May 28, 2020

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