The Reserve Bank of India has extended the period of directions imposed on The Udhna Citizen Co-operative Bank Ltd., Surat for further six months. The Bank will thus continue to be under directions from November 2, 2013 to May 1, 2014. The modified directive has been displayed on the bank premises for interested members of public to peruse.
The Reserve Bank has initially imposed directions on The Udhna Citizen Co-operative Bank Ltd., Surat from the close of business on November 2, 2010. The directions were last modified in April 2013.
The Reserve Bank of India issued directions on co-operative banks in exercise of the powers vested in it under Sub-section (1) of Section 35A of Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) and in public interest. The directions are subject to review.