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The Reserve Bank of India (RBI) has extended the validity of its directions to City Co-operative Bank, Mumbai, for a further period of three months from July 17, to October 16, subject to review.
The central bank, in a statement, said the aforesaid extension and/or modification by it should not per se be construed to imply that it is satisfied of substantive improvement in the financial position of the bank.
City Co-operative Bank was placed under RBI directions from the close of business on April 17, 2018, for a six months.
The validity of RBI’s directions were extended from time to time, the last being from April 7, up to July 16.
The bank, as per a notice (dated January 17) on its website, said: “We are pleased to inform our shareholders / depositors / well-wishers that Maharashtra State Co-operative Bank has decided to merge our bank with them and have submitted the merger proposal to Reserve Bank of India today,”
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