RBI extends directions to Amanath Co-op Bank

The Reserve Bank of India (RBI) has extended directions issued to Bengaluru-based Amanath Co-operative Bank by another six months till  January 4, 2018.

It is hereby notified for information of public that the RBI is satisfied that in the public interest, it is necessary to extend the period of operation of the directive dated April 1, 2013, read with subsequent directives, last being dated December 29, 2016, issued to the Amanath Cooperative Bank, Bengaluru for a further period of six months, the central bank said.

Accordingly, the Reserve Bank of India, in exercise of powers vested in it, hereby directs that the directive dated April 1, 2013, as modified from time to time, issued to the Amanath Co-operative Bank, Bengaluru, the validity of which was last extended upto July 4, 2017 shall continue to apply to the bank for a further period of six months from July 5, 2017, to January 4, 2018, subject to review, RBI said.

The issue of the above directions by the RBI should not per se be construed as cancellation of banking licence by RBI.