The Reserve Bank of India has extended direction on The Laxmi Co-operative Bank Limited, Solapur up to August 11, 2022. The UCB was first placed under direction on November 12, 2021, which was modified from time to time.
These directions shall continue to apply to the bank for a further period of three months from August 12, 2022 to November 11, 2022, subject to review. All other terms and conditions of the Directives shall remain unchanged.
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.