Reserve Bank of India has extended Directions on Banaras Merchantile Co-operative Bank Ltd., Varanasi (U.P) for till December 03, 2023, subject to review.
The UCB was first placed under Direction on March 03, 2023. The validity of the Directions was earlier extended up to September 03, 2023.
All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the Directive dated August 28, 2023 notifying the above extension is displayed at the bank’s premises for the perusal of members and public.
The issue of the above Directions by the RBI should not, per se, be construed as cancellation of banking license by RBI. The Reserve Bank may consider modifications of these Directions depending upon circumstances.