Pune based Shri Anand Co-operative Bank has fallen in trouble as the the Reserve Bank of India, in exercise of the powers vested in it, has directs that the UCB would be put under Direction.
“The Directions would apply from the close of business on June 25, 2019 shall not, without prior approval in writing from the Reserve Bank of India, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds, etc,” reads a release from the RBI.
A copy of this directive should be forwarded to each depositor by the bank and should also be displayed on the home page of the bank’s website. These directions shall remain in force for a period of six months from the close of business on June 25, 2019 and are subject to review.