The Kapol Co-operative Bank Ltd., Mumbai, Maharashtra, was placed under directions for a period of six months vide directive dated March 30, 2017 from the close of business on March 30, 2017. The validity of the directions was extended from time to time vide subsequent Directives, the last being up to March 31, 2018 vide Directive dated September 25, 2017, subject to review.
It is hereby notified for the information of the public that , 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 directs that the Directive dated March 30, 2017 issued to The Kapol Co-operative Bank Ltd. Mumbai as modified from time to time, the validity of which was last extended up to March 31, 2018 vide Directive dated September 25, 2017, shall continue to apply to the bank for a further period of four months from April 01, 2018 to July 31, 2018, vide Directive dated March 20, 2018, subject to review.
The other terms and conditions of the Directive under reference as modified from time to time shall remain unchanged.
A copy of the directive dated March 20, 2018 notifying the above modification is displayed at the bank’s premises for the perusal of public.
The aforesaid modification 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 : 2017-2018/2595