The Reserve Bank of India issued Directions to The Karmala Urban Co-operative Bank Limited, Solapur under Section 35 A 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, the validity of which was extended up to April 29, 2023 vide Directive DOR.MON.No.D-68/12.22.130/2022-23 dated January 25, 2023.

2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive CO.DOS.SED.No.S2729/12-07-005/2022-2023 dated July 29, 2022, issued to The Karmala Urban Co-operative Bank Limited, Solapur as modified vide Directive DOR.MON.No.D-68/12.22.130/2022-23 dated January 25, 2023. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive CO.DOS.SED.No.S2729/12-07-005/2022-2023 dated July 29, 2022, issued to The Karmala Urban Co-operative Bank Limited, Solapur, the validity of which was last extended up to April 29, 2023, vide Directive DOR.MON.No.D-68/12.22.130/2022-23 dated January 25, 2023, shall continue to apply to the bank for a further period of three months from April 30, 2023 to July 29, 2023, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2023-2024/151