Mumbai based the City Co-operative Bank will continue to be under RBI’s direction for a further period July 16, 2021, says the regulator through a press release.
The UCB was placed under Directions from the close of business on April 17, 2018 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to January 16, 2021.
All other terms and conditions of the Directive under reference shall remain unchanged. A copy of the directive dated January 13, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of the public.
The aforesaid extension and /or modification by Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.