Reserve Bank of India, in the public interest, had issued directions to Padmashri Dr. Vitthalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra in exercise of powers vested in itfrom the close of business on May 19, 2018.
Reserve Bank of India has now further extended the directions for a period of four months from May 19, 2019 to September 17, 2019, subject to review.
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.