The Reserve Bank of India has extended the Directions for a period of three months from May 25, 2022 to August 24, 2022, on Garha Co-operative Bank Ltd., Guna, Madhya Pradesh, subject to review.
The UCB was first placed under directions from the close of business on February 24, 2021. The validity of the directions was extended from time-to-time, the last being up to May 24, 2022.
The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits. The detailed Directions are displayed at the bank’s premises for interested members of public to peruse.
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.