The Direction on the Needs of Life Co-op Bank Ltd, Mumbai shall continue to apply to the bank for a further period of six months from November 01, 2020 to April 30, 2021 as per a RBI Directive.
The UCB was placed under directions vide directive from the close of business on October 29, 2018 for a period of six months. The validity of the directions was last extended up to October 31, 2020.
All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated October 26, 2020 notifying the above extension is displayed at the bank’s premises for the perusal of the public.
The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.