Sikar Urban Co-operative Bank’s closure date Extended by RBI

The Reserve Bank of India (RBI) has extended the Co-operative Bank’s closure date for three months.

Sikar Urban Co-operative Bank Ltd., Sikar, Rajasthan, was placed under All-Inclusive Directions on November 9, 2018, at the close of business for a term of six months, subject to review, pursuant to a Directive of October 26, 2018.

The directions’ validity was last extended for three months, until the close of business on March 9, 2024, by Directive dated December 8, 2023, subject to review.

It is hereby notified for the information of the public that, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated October 26, 2018, issued to the above bank, the validity of which was last extended up to close of business March 09, 2024, shall continue to apply to the bank for a further period of three months from the close of business March 09, 2024, to close of business June 09, 2024, vide Directive dated March 07, 2024, subject to review.

All other terms and conditions of the Directive in question should remain unchanged. A copy of the aforementioned Directive, dated March 7, 2024, informing the extension, is on display at the bank‘s facilities for public inspection.

The aforementioned extension and/or adjustment by the Reserve Bank of India should not be interpreted as meaning that the Reserve Bank of India is pleased with the bank’s financial status.