Reserve Bank of India has extended the Directive issued to The Needs of Life Co-op Bank Ltd., Mumbai, Maharashtra for a further period of six months from October 30, 2019 to April 29, 2020.
The UCB was placed under Directions from close of business on October 29, 2018 for a period of six months which has been extended several times.
All the other conditions of the Directive under reference shall remain unchanged. A copy of the above Directive dated October 16, 2019 notifying the extension is displayed at the bank’s premises for the perusal of public.
The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.