The Reserve Bank of India has further extended the Directions for a period of six months from January 10, 2020 to July 09, 2020 on Kolikata Mahila Co-operative Bank Limited, Kolkata, West Bengal.
A copy of the Directive is displayed at bank’s premises for perusal of public.
Earlier, the UCB was put under Direction from July 09, 2019 which was valid till January 09, 2020. It has been extended now for 6 months.
The issue of the above Directions by the Reserve Bank of India should not per se be construed as cancellation of banking licence, clarifies the Regulator.
The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank of India may consider modifications of these Directions depending upon circumstances from time to time.