The Reserve Bank of India has extended its directions on The Konark Urban Co-operative Bank Ltd., Ulhasnagar, for three months beyond October 23, 2026. The extension will remain subject to review, while all other terms and conditions continue unchanged.
BKK Bureau, New Delhi | 19 October 2026 | 10:59 PM IST
The Reserve Bank of India has extended the period of operation of its directions on The Konark Urban Co-operative Bank Ltd., Ulhasnagar, by three months. The extension will run from the close of business on October 23, 2026, to the close of business on January 23, 2027, subject to review.
The RBI issued the extension under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The regulator said it was satisfied that continuing the directive beyond October 23, 2026, was necessary in the public interest.
Directive extended for a further three months
The original directions were issued on April 23, 2024, for a period of six months up to the close of business on October 23, 2024. According to the RBI, the directive was subsequently extended up to the close of business on October 23, 2026, through a direction dated July 15, 2026.
The latest RBI release, issued on October 19, 2026, records the further extension through Press Release 2026-2027/1353. The decision applies to the existing directive governing the bank and does not replace it with a new set of terms.
Existing terms remain unchanged
The RBI said that the other terms and conditions of the directive under reference will remain unchanged. The release does not set out any additional modifications to those conditions as part of the latest extension.
The regulator also specifically clarified that the extension or modification of the directive should not, by itself, be construed as indicating that the RBI is satisfied with the financial position of the bank. This qualification forms part of the latest order.
The directions are being continued under the RBI’s statutory powers over banking companies and co-operative banks under the Banking Regulation Act. The order names The Konark Urban Co-operative Bank Ltd. and identifies its location as Ulhasnagar.
Review condition
The extension is expressly subject to review. It therefore establishes January 23, 2027, as the current end date for the extended period, unless the RBI takes a further action under the applicable framework.
For customers, depositors and other stakeholders of the bank, the key operative point in the release is that the existing directive remains in force through the close of business on January 23, 2027. The RBI has not stated in this release that the directive’s underlying terms have been relaxed or withdrawn.
Why it matters
The order keeps the RBI’s existing directions on Konark Urban Co-operative Bank in force for another three months, with the same terms continuing and the matter remaining subject to regulatory review.
Source: Reserve Bank of India
Report discrepancies
Comments