The Direction on City Co-operative Bank shall continue to apply to the bank for a further period of three months from July 17, 2020 to October 16, 2020, as per the Directive dated July 10, 2020, subject to review, notes a release from the RBI.
The UCB was placed under directions from the close of business on April 17, 2018 for a period of six months. The validity of the directions was extended from time to time, the last being up to July 16, 2020.
All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated July 10, 2020 notifying the above extension is displayed at the bank’s premises for the perusal of the public.
The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank, RBI clarified.
