The Reserve Bank of India has extended the Direction on Padmashri Dr. Vithalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra further period of three months from November 18, 2022 to February 17, 2023, subject to review.
All other terms and conditions of the Directives shall remain unchanged.
The UCB was first put under Direction on May 18, 2018, which was modified from time to time, last being applicable till November 17, 2022.
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, clarified RBI.