Reserve Bank of India has extended the Directions for a period of six months from October 19, 2019 to April 18, 2020 on the United Co-operative Bank Limited, Bagnan, West Bengal.
It was from the close of business on July 18, 2018, that the UCB was first brought under the Directions, which has been modified from time to time.
A copy of the Directive is displayed at bank’s premises for perusal of public.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.