On 14th August, just a day before the 74th I Day celebrations, Reserve Bank of India extended the Directions on two UCBs in Maharashtra.
Reserve Bank of India has now further extended the Directions to Bhagyodaya Friends Urban Co-operative Bank Ltd., Warud, District- Amravati, Maharashtra for a period of two months up to October 17, 2020, subject to review.
The second bank is Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd., Nilanga, Distt. Latur, Maharashtra.
Reserve Bank of India has now further extended the directions for a period of two months up to October 14, 2020, subject to review.
The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits. The detailed Directions are displayed on the bank’s premises for interested members of the public to peruse.
Reserve Bank of India may consider modifications of the Directions depending upon the circumstances. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.