Brahmawart Comm Co-op Bank: Trouble continues

The Reserve Bank of India has extended the Directions issued to the Brahmawart Commercial Co-operative Bank Ltd., Kanpur, Uttar Pradesh for a further period of four months from March 07, 2018 to July 06, 2018, subject to review.

The bank has been under directions since July 07, 2015 vide directive dated June 30, 2015 issued under Section 35A of the Banking Regulation Act, 1949 (AACS).

The validity of the directive, which was last extended up to March 06, 2018 has further been extended for a period of four months from March 07, 2018 to July 06, 2018 vide directive dated March 01, 2018, subject to review.

The other terms and conditions of the directive under reference shall remain unchanged. A copy of the directive dated March 01, 2018 is displayed at the bank’s premises for the perusal of public.

The modification of the directive by the Reserve Bank should per se not be construed as improvement or deterioration in the financial position of the bank. The Reserve Bank may consider modifications of the directive depending upon circumstances.

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