Reserve Bank of India further extended the Directions on Bangan (West Bengal) based United Co-operative Bank for a period of two months from April 19, 2021 to June 18, 2021. A copy of the Directive is displayed at the bank’s premises for perusal of public.
The UCB was first placed under Direction from the close of business on July 18, 2018. It was modified from time to time which was last extended upto April 18, 2021.
The issue of the above Directions by Reserve Bank of India should not per se be construed as cancellation of banking licence.
The bank will continue to undertake banking business with restrictions till its financial position improves. Reserve Bank of India may consider modifications of these Directions depending upon circumstances from time to time.