Reserve Bank of India has extended the directions on the Bhagyodaya Friends Urban Co-operative Bank for a further period of three months from January 18, 2021 to April 17, 2021, subject to review.
The UCB was first put under direction on January 17, 2019. These directions were modified from time to time, the validity of which was last extended upto January 17, 2021.
The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits. The detailed Directions are displayed on the bank’s premises for interested members of the public to peruse.
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.
