There is no end of trouble for the Mumbai based CKP Co-operative Bank. The UCB which was first placed under RBI lens continues to do so, according to the latest press release issues by the Regulator.
In the release RBI says” the validity of Directions which was last extended upto July 31, 2018 shall continue to apply to the bank for a further period of four months from August 01, 2018 to November 30, 2018, 2018 subject to review.”
The UCB was placed under directions for the first time from close of business on May 2, 2014. The validity of the directions was extended from time to time vide subsequent Directives, the last being Directive dated March 26, 2018 and was valid upto July 31, 2018.
A copy of the directive dated July 23, 2018 notifying the above extension is displayed at the bank’s premises for the perusal of 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.