Releasing a notification Reserve Bank of India said it is necessary to extend the period of operation of the directive Amanath Co-operative Bank Ltd, Bengaluru for a further period of six months, that is up to July 4, 2019.
The UCB was placed under direction on April 1, 2013 which was extended from time to time.
Other terms and conditions of the directive 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, clarifies the 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 circumstance”, it concluded.