The Reserve Bank of India issued Directions to The Karmala Urban Co-operative Bank Limited, Solapur under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 vide Directive CO.DOS.SED.No.S2729/12-07-005/2022-2023 dated July 29, 2022 for a period of six months up to January 29, 2023, the validity of which was extended up to April 29, 2023 vide Directive DOR.MON.No.D-68/12.22.130/2022-23 dated January 25, 2023.
2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive CO.DOS.SED.No.S2729/12-07-005/2022-2023 dated July 29, 2022, issued to The Karmala Urban Co-operative Bank Limited, Solapur as modified vide Directive DOR.MON.No.D-68/12.22.130/2022-23 dated January 25, 2023. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive CO.DOS.SED.No.S2729/12-07-005/2022-2023 dated July 29, 2022, issued to The Karmala Urban Co-operative Bank Limited, Solapur, the validity of which was last extended up to April 29, 2023, vide Directive DOR.MON.No.D-68/12.22.130/2022-23 dated January 25, 2023, shall continue to apply to the bank for a further period of three months from April 30, 2023 to July 29, 2023, subject to review.
3. All other terms and conditions of the Directives under reference shall remain unchanged.
