Reserve Bank of India, in public interest, had issued Directions to United Co-operative Bank Limited, Bagnan, West Bengal in exercise of its powers vested in it under Sub-Section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on July 18, 2018, as modified from time to time which was last extended upto January 18, 2021. Reserve Bank of India has now, in public interest, further extended the Directions for a period of three months from January 19, 2021 to April 18, 2021. A copy of the Directive is displayed at bank’s premises for perusal of public.
The issue of the above Directions by Reserve Bank of India should not per se be construed as cancellation of banking licence. 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.
(Yogesh Dayal)
Chief General Manager
