Youth Development Co-op. Bank Ltd., Kolhapur, Maharashtra, was placed under Directions from close of business on January 05, 2019, for a period of six months, vide Directive dated January 04, 2019 and the Directions are valid up to July 05, 2019 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 January 04, 2019, issued to the above bank, the validity of which was up to July 05, 2019, shall continue to apply to the bank for a further period of six months from July 06, 2019 to January 05, 2020 vide Directive dated July 02, 2019, subject to review.
All the other conditions of the Directive under reference shall remain unchanged. A copy of the directive dated July 02, 2019 notifying the above extension is displayed at the bank’s premises for the perusal of public.
The aforesaid extension and/or 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.
Chief General Manager
Press Release : 2019-2020/70