Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Konark Urban Co-operative Bank Ltd., Ulhasnagar – Extension of Period

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Konark Urban Co-operative Bank Ltd., Ulhasnagar vide Directive No. CO.DOS.SED.No.S592/45-11-001/2024-25 dated April 23, 2024 for a period of six months up to close of business on October 23, 2024, which was last extended up to close of business on October 23, 2026 vide Directive No. DOR.MON/D-26/12.22.805/2026-27 dated July 15, 2026. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on October 23, 2026. 2. Accordingly, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business on October 23, 2026, to close of business on January 23, 2027, subject to review. 3. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that the Reserve Bank of India is satisfied with the financial position of the bank.

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