The Reserve Bank of India had issued directions to the Padmashri Dr Vithalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra from the close of business on May 19, 2018. These directions shall continue to apply to the bank for a further period of three months from March 18, 2022 to June 17, 2022, subject to review, says RBI in a press release.
These directions were modified from time to time, the validity of which was last extended up to March 17, 2022. The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits.
A copy of Directions is displayed at the bank’s premises for interested members of the public to peruse. The 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.