Reserve Bank of India has further extended the directions for a period of two months from August 16, 2019 to October 15, 2019 on Dr. Shivajirao Patil Nilangekar Co-operative Bank Ltd., Nilanga, Dist. Latur, Maharashtra in exercise of powers vested in it.
It was on February 16, 2019 upto August 15, 2019 when the RBI had first imposed direction on the UCB for a period of six months. It has now further extended the directions for a period of two months from August 16, 2019 to October 15, 2019.
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 modifications 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, reads a press release.
