RBI extends directions on Konark Urban Co-operative Bank, Ulhasnagar to January 2027
The Reserve Bank of India has extended its directions on The Konark Urban Co-operative Bank Ltd, Ulhasnagar by three months, to the close of business on 23 January 2027, subject to review.
The Reserve Bank of India (RBI) on 19 October 2026 extended its directions on The Konark Urban Co-operative Bank Ltd., Ulhasnagar, by three months. The directions will now stay in force until the close of business on 23 January 2027, subject to review. RBI said the extension does not by itself mean it is satisfied with the bank's financial position.
What Happened
RBI first issued the directions to the bank on 23 April 2024 under Section 35A read with Section 56 of the Banking Regulation Act, 1949. Section 35A is the provision under which RBI can give binding directions to a bank in the public interest. The original directive ran for six months, up to the close of business on 23 October 2024.
The directive has since been extended. The last extension, issued on 15 July 2026, kept it in force until the close of business on 23 October 2026. In its latest release, RBI said it is satisfied that, in the public interest, the directive needs to continue beyond that date.
Using its powers under sub-section (1) of Section 35A read with Section 56, RBI has extended the directive for a further three months, from the close of business on 23 October 2026 to the close of business on 23 January 2027. RBI said the extension is subject to review.
RBI stated that this extension, or any change to the directive, should not in itself be taken to mean that RBI is satisfied with the bank's financial position. According to the release, all other terms and conditions of the original directive remain unchanged.
What It Means
For depositors and borrowers of The Konark Urban Co-operative Bank, the terms of the directive that already apply to the bank will continue in the same form until at least 23 January 2027. The latest release does not change any of those terms and does not list them. RBI has said it will keep the position under review, and it has given no view on the bank's finances beyond the caution above.
Customers who have a complaint about the bank's service can approach RBI through its complaint portal at https://cms.rbi.org.in.
Source: RBI press release
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Sources & Citations
- RBI press release — Reserve Bank of India