RBI Extends Curbs on Shirpur Co-op Bank Over Declining Financial Position

The Reserve Bank of India (RBI) has decided to extend the directives levied on the Shirpur Merchants’ Co-operative Bank Ltd., Shirpur, Maharashtra, by another three months.

The Reserve Bank of India had earlier issued directions to The Shirpur Merchants’ Co-operative Bank Ltd., Shirpur, Maharashtra, under Section 35A  read with Section 56 of the Banking Regulation Act, 1949. These directions were issued through Directive No. CO.DOS.SED. No. S175/45-11-001/2024-2025, dated April 05, 2024, for six months up to October 8, 2024. They were modified from time to time, with the last extension up to the close of business on April 8, 2025, as per Directive DOR.MON.D-90/12-21-364/2024-25 dated January 8, 2025.

The Central Bank has decided to further extend the period of the Directive after April 08, 2025. Therefore, in exercise of powers granted under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, the RBI is extending the Directive for another three months from April 08, 2025, to July 08, 2025, subject to review.

Refer to the official press release for more information.