Reserve Bank of India has further extended the Directions on West Bengal based United Co-operative Bank for a period of two months from April 19, 2021 to June 18, 2021.
The UCB was first place under Direction from the close of business on July 18, 2018, which has been modified from time to time and was last extended upto April 18, 2021.
A copy of the Directive is displayed at the bank’s premises for perusal of the public. The issue of the above Directions by Reserve Bank of India should not per se be construed as cancellation of banking licence, reads a release.
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.