RBI’s Directions shall continue to apply to the Pathankot based Hindu Cooperative Bank for a further period of three months from June 25, 2021 to September 24, 2021, subject to review.
The UCB was first placed under direction from the close of business on March 25, 2019. The Directions have been extended from time to time the validity of which was last extended up to June 24, 2021.
A copy of the Directions dated June 22, 2021 is displayed at the bank’s premises for interested members of public to peruse. Reserve Bank of India may consider modifications in 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 be able to undertake banking business with restrictions till its financial position improves.