The Reserve Bank of India has extended the Direction on the Independence Co-operative Bank based in Nashik, Maharashtra. The UCB was placed under the Direction from the close of business on February 09, 2021, the validity of which was up to November 10, 2021.
These directions shall continue to apply to the bank for a further period of two months from November 11, 2021 to January 10, 2022, subject to review.
The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits. A copy of Directions is displayed at the bank’s premises for interested members of the public to peruse.
The Reserve Bank of India may consider modifications of the Directions depending upon the circumstances. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.