The Needs of Life Co-op. Bank Ltd., Mumbai, Maharashtra, which was placed under directions in October, 2018 has been further extended for a period of six months.
The UCB would be under direction till October 29, 2019, reads a press release from RBI.
All the other conditions of the directive under reference shall remain unchanged. A copy of the directive dated April 24, 2019 notifying the above extension is displayed at the bank’s premises for the perusal of public.
The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank, RBI clarifies.