Reserve Bank of India has extended Directions issued to Dr. Babasaheb Ambedkar Nagari Sahakari Bank Maryadit, Aurangabad for a further period of six months, subject to review. The bank was under directions since May 2012.
The Directions were earlier extended on five occasions for a period of six months each. A copy of the Directions is displayed on the bank’s premises for perusal by interested members of public.
The issue of the Directions by the Reserve Bank should per se not be construed as cancellation of banking license by the Reserve Bank. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances, reads a RBI release.