Kanpur based Brahmawart Commercial Co-operative Bank’s woes seem unending as the RBI Directions issued to the ucb in the past have been revived once again last week.
The Reserve Bank of India has extended Directions issued to the Brahmawart Commercial Co-operative Bank Ltd., Kanpur for a further period of six months from July 07, 2016 to January 06, 2017, subject to review.
The bank has been under directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS) since July 07, 2015.
“The other terms and conditions of the directive shall remain unchanged. A copy of the directive dated June 30, 2016 is displayed at the bank’s premises for the perusal of public”, the regulator says in a press release.
The modification of the directive by the Reserve Bank should per se not be construed as improvement or deterioration in the financial position of the bank. The Reserve Bank may consider modifications of the directive depending upon circumstances, it adds