RBI has extended its Directions on the Howrah based United Co-op Bank for a period of six months from January 19, 2019 to July 18, 2019. A copy of the Directive is displayed at bank’s premises for perusal of public.
In a press release RBI said “in exercise of its powers vested in it RBI put the UCB under direction from the close of business on July 18, 2018 which was valid till January 18, 2019. Reserve Bank of India has now, in public interest, further extended the directions”, it added.
The issue of the above directions by Reserve Bank of India should not per se be construed as cancellation of banking licence.
The bank will continue to undertake banking business with restrictions till its financial position improves. Reserve Bank of India may consider modifications of these directions depending upon circumstances from time to time.
