In a recent development, the Reserve Bank of India (RBI) has announced the extension of Directions on two urban cooperative banks, Saibaba Janata Sahakari Bank Limited in Latur, Maharashtra, and The National Co-operative Bank Ltd. in Bangalore. This decision comes a day after the RBI levied fines on five Urban Cooperative Banks (UCBs).
The RBI extended the period of operation of the Directive on Saibaba Janata Sahakari Bank by three months beyond the close of business on January 22, 2024. According to a released statement, the RBI expressed satisfaction that the extension is deemed necessary in the public interest.
“The Reserve Bank of India is satisfied that in the public interest,…
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No respite for Saibaba Janata Sah Bank & National Co-op Bank
