Trouble continues for Hardoi Urban Co-op Bank

The Reserve Bank of India has extended Directions issued to the Hardoi Urban Co-operative Bank Ltd., Hardoi for a further period of two months from July 30, 2017 to September 29, 2017, subject to review.

The bank has been under directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS) since July 29, 2016. The same has further been extended upto September 29, 2017 vide directive dated July 24, 2017. A copy of the directive dated July 24, 2017 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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