RBI extends regulatory directions for Konark Urban Co-operative Bank until October 2026
The regulatory restrictions imposed on Konark Urban Co-operative Bank, located in Ulhasnagar, will now remain effective until October 23, 2026. This extension is for three months and does not indicate that the Reserve Bank of India is satisfied with the bank's financial position.
Highlights
- RBI has extended the regulatory directions for Konark Urban Co-operative Bank Ltd., Ulhasnagar from July 23, 2026, to October 23, 2026.
- The initial extension began with the order dated April 23, 2024, and has been extended from time to time, with terms and conditions remaining unchanged.
- RBI clarified that the extension or modification does not indicate the central bank's satisfaction with the bank's financial position.
This article was translated from the original. Read the original version by our correspondent here.
Timeline of Extension of Directions
According to a press release from the Reserve Bank of India, the central bank has extended the period of directions imposed on Konark Urban Co-operative Bank Ltd., Ulhasnagar, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The new extension will be effective from the close of business on July 23, 2026, until the close of business on October 23, 2026, and is subject to review.These directions were originally imposed for six months under the order dated April 23, 2024, and were effective until October 23, 2024. They have since been extended from time to time, with the most recent extension granted through the directive dated April 17, 2026, up to July 23, 2026.
Impact on Depositors and the Cooperative Banking Sector
The RBI has stated that it is necessary to continue the directions beyond July 23, 2026, in the public interest. The regulator has also clarified that this extension or any modification should not be construed as the central bank's satisfaction with the bank's financial position.The central bank further stated that all other terms and conditions of the original directions remain unchanged. This means that there are no other changes to the operational conditions already imposed on the bank under this order.
Our previous report detailed the compounding order issued by the RBI against Apothecon Pharmaceuticals Private Limited for FEMA violations related to foreign investment/reporting, including delays in filings such as Form ARF, FCGPR, and FLA Return, procedural lapses in share allotment/issuance without prior approval, and the process for closure of further investigation/action upon fulfillment of conditions after settlement of such matters.
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
