The Reserve Bank of India has notified that the period of operation of the directive on Shri Chhatrapati Urban Co-op Bank has been extended for a further period of six months from September 11, 2016 to March 10, 2017 vide our modified directive dated September 07, 2016 subject to review.
Earlier, the UCB notified that Shri Chhatrapati Urban Co-operative Bank Ltd., Pimple Nilakh, District – Pune, Maharashtra was placed under directions for a period of six months vide directive dated September 10, 2014 from the close of business on September 12, 2014.
The validity of the aforesaid directive was further extended for a period of six months vide order dated March 04, 2015; for a period of three months vide order No dated September 1, 2015; for a period of six months vide order dated December 07, 2015 and for a period of three months vide order dated June 06, 2016.
The other terms and conditions remain unchanged. A copy of the directive dated September 07, 2016 notifying the above modification is displayed at the bank’s premises for the perusal of public.
The aforesaid 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.