Document title: 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
Issuing authority: Reserve Bank of India
Reference: Press Release 2026-2027/1353; Directive No. CO.DOS.SED.No.S592/45-11-001/2024-25 (dated 23 April 2024); Directive No. DOR.MON/D-26/12.22.805/2026-27 (dated 15 July 2026)
Date: 19 October 2026
Regulatory and Policy Measures
The Reserve Bank of India, exercising powers under sub‑section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, has extended the operational directive issued to The Konark Urban Co‑operative Bank Ltd., Ulhasnagar. The original directive, dated 23 April 2024, was for six months up to 23 October 2024 and was subsequently extended to 23 October 2026. The present extension adds a further three months, moving the expiry to close of business on 23 January 2027, subject to review.
The extension does not, per se, indicate that the RBI is satisfied with the bank’s financial position. All other terms and conditions of the earlier directive remain unchanged.
The press release is signed by the Chief General Manager, Brij Raj.
In conclusion, the RBI has provided a short‑term regulatory relief to Konark Urban Co‑operative Bank, maintaining existing conditions while retaining oversight through a review mechanism.