Reserve Bank of India, in the public interest, had issued directions to Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd. Nilanga, District Latur, Maharashtra in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on February 16, 2019. These directions were modified from time to time, the validity of which was last extended upto March 14, 2021. These directions shall continue to apply to the bank for a further period of three months from March 15, 2021 to June 14, 2021, subject to review. 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 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.
