Reserve Bank of India has extended the Directions to Kolikata Mahila Co-operative Bank, in exercise of its powers vested in it, for a period of three months from January 10, 2021 to April 09, 2021.
A copy of the Directive is displayed at the bank’s premises for perusal of the public. The UCB was first placed under Direction from the close of business on July 09, 2019 as modified from time to time which was last extended upto January 09, 2021.
The issue of the above Directions by Reserve Bank of India should not per se be construed as cancellation of banking licence. The bank will continue to undertake banking business with restrictions till its financial position improves, clarified the RBI.
Reserve Bank of India may consider modifications of these Directions depending upon circumstances from time to time.