RBI Extends Critical Directive for Pusad Urban Co-operative Bank, Mandating Further Compliance Action Until November 2026
Regulatory Extension Confirmed for Pusad Urban Co-operative Bank Ltd.
The Reserve Bank of India (RBI) has issued a directive extending the operational period for The Pusad Urban Co-operative Bank Ltd., located in Pusad, Dist. Yavatmal, Maharashtra. This action involves directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949.The decision comes after previous extensions and maintains regulatory oversight over the institution's operational compliance standards. The RBI determined that further extension of the directive was necessary in the public interest.
Details of the Extended Compliance Period
This latest Directive No. NGP.DOS.SSM3.No.S611/504-166/2025-2026 sets a new deadline for the bank's compliance matters. The initial directive was issued on November 06, 2025, setting a period of six months up to close of business on May 07, 2026.Following an earlier extension vide Directive No. DOR.MON/D-11/12-22-635/2026-27 dated April 30, 2026, the deadline was previously extended up to close of business on August 07, 2026.
The RBI has now extended this requirement for a further period of three months. This extension carries the compliance deadline to November 07, 2026.
Stipulations and Caveats of the Directive
It is crucial to note that the RBI clearly stated in the directive that the granted extension or modification does not automatically imply satisfaction with the bank's current financial position. The continued exercise of these directions falls under the powers vested in the RBI under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949.The directive issued by the Reserve Bank of India specifies that all other terms and conditions set forth in the reference directive shall remain unchanged. The directives are subject to periodic review by the regulating authority.
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