Jamkhed Merchants Co-operative Bank Ltd., Ahmednagar, Maharashtra, was placed under directions for a period of six months vide directive dated April 07, 2016 from the close of business on April 12, 2016. The validity of the directions was extended for a period of six months from October 13, 2016 to April 12, 2017 vide directive dated October 06, 2016. The validity of the aforesaid directions has been further extended for a period of two months upto June 12, 2017 dated April 06, 2017 subject to review.
The other terms and conditions of the directive under reference remain unchanged.
A copy of the directive dated April 06, 2017 notifying the above extension and modification is displayed at the bank’s premises for the perusal of public.
The aforesaid extension by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.
Press Release: 2016-2017/2776