Reserve Bank of India has extended the directions on Padmashri Dr Vitthalrao Vikhe Patil Co-operative Bank Ltd., Nashik for a period of six months from March 18, 2020 to September 17, 2020, subject to review.
The UCB is under direction from the close of business on May 19, 2018.
A copy of Directive is displayed at the bank’s premises for perusal of public. 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.