The Reserve Bank of India issued Directions to The Karmala Urban Co-operative Bank Limited, Solapur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive CO.DOS.SED.No.S2729/12-07-005/2022-2023 dated July 29, 2022, for a period of six months up to January 29, 2023, as modified from time to time which were extended up to July 29, 2023 vide Directive DOR.MON.No.D-19/12.22.130/2023-24 dated April 28, 2023.

2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond July 29, 2023.

3. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends for a further period of three months from July 30, 2023 to October 29, 2023, subject to review.

4. Other terms and conditions of the Directives under reference shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/670