RBI extends validity of Kapol Co-operative Bank
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The Reserve Bank of India (RBI) has extended the validity of its Directions for Mumbai-based Kapol Co-operative Bank by six months up to April 30, 2022.
The central bank had placed the aforementioned Bank under Directions with effect from from the close of business on March 30, 2017 for six months. The validity of the directions was extended from time-to-time, the last being up to October 31, 2021.
Members of Kapol Bank had unanimously voted in favour of a resolution “to consider and approve merger of the Bank with The Cosmos Co-operative Bank Ltd.”at a special general body meeting held on June 9, 2021.
However, it is not clear yet whether any headway has been made on the merger.
ends
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