RBI extended the Directions issued to Amanath Co-operative Bank for a period of six months
By Joseph Samson
Jan 22, 2015
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It has been reported that the apex bank of the country – RBI has extended the period to review for the state oriented bank – Amarnath co-operative bank. The bank has extended the directives for a period of six months from January 5, 2015. The bank has been restricted from granting or renewing any loans and advances, make any investment, incur any liability including borrowing of funds and acceptance of fresh deposits without prior approval of the Reserve Bank in writing.

The RBI has not finalized for the cancellation of the license of the bank but has asked the bank to work under the RBI’s supervision and make the continue the banking business under restriction till the financial condition improves.

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