The Direction imposed by the Reserve Bank of India on Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd. Nilanga, District Latur, Maharashtra has been extended for a further period of three months from March 15, 2021 to June 14, 2021, subject to review.
The UCB was placed under Direction from the close of business on February 16, 2019. These directions were modified from time to time, the validity of which was last extended upto March 14, 2021.
The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits. A copy of Directions is displayed at 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.