Money & Banking

RBI withdraws directions issued to Youth Development Cooperative Bank

Our Bureau. Mumbai | Updated on April 05, 2021

The Reserve Bank of India (RBI), on Monday, withdrew the All Inclusive Directions it issued to Kolhapur-based Youth Development Cooperative Bank Ltd.

The RBI, in a statement, said: “On being satisfied that in the public interest it is necessary to do so, in exercise of the powers vested in it under...the Banking Regulation Act, 1949, hereby withdraws with effect from April 5All Inclusive Directions issued to Youth Development Cooperative Bank Limited, Kolhapur, Maharashtra.”

The central bank had placed the Kolhapur-based Urban Co-operative Bank under Directions from the close of business on January 05, 2019, for a period of six months. The validity of the directions was extended from time-to-time, the last being up to April 05, 2021.

Published on April 05, 2021

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