The Reserve Bank of India has extended direction on the Padmashri Dr. Vithalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra for a further period of three months.
The UCB was first placed under directions from the close of business on May 19, 2018. These directions were modified from time to time, the validity of which was last extended up to August 17, 2022.
These directions shall continue to apply to the bank for a further period of three months from August 18, 2022 to November 17, 2022, subject to review. The Directions stipulate certain restrictions and/or ceiling on withdrawal/acceptance of deposits.
A copy of Directions is displayed at the bank’s premises for interested members of public to peruse. Reserve Bank of India may consider modifications of the 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 continue to undertake banking business with restrictions till its financial position improves.
