The Reserve Bank of India has extended the Direction on Hindu Cooperative Bank Limited, Pathankot, Punjab. These Directions shall continue to apply to the bank for a further period of one month from September 25, 2021 to October 24, 2021, subject to review.
The UCB was issued Directions 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 upto September 24, 2021.
A copy of the Directions dated September 24, 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.