The Reserve Bank of India said in a press release that directions on Sikar Urban Co-op Bank shall continue to apply to the bank for a further period of six months from May 10, 2019 to November 09, 2019, subject to review.
The UCB was put under direction effective from close of business on November 09, 2018 for a period of six months.
The other terms and conditions of the Directives under reference shall remain unchanged. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking licence by RBI.
The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.
