Reserve Bank of India has now further extended the directions for a period of three and half months from October 14, 2019 to January 31, 2020 on Vasantdada Nagari Sahakari Bank, subject to review.
The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits. The detailed Directions are displayed on the bank’s premises for interested members of public to peruse.
Reserve Bank of India may consider modification of the Directions depending upon the circumstances. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.
It was on November 13, 2017 when RBI had issued directions to the UCB based in, Osmanabad, Maharashtra.
