The Reserve Bank of India (RBI) has extended the Directions issued to the People’s Co-operative Bank Limited, Kanpur (Uttar Pradesh) for a further period of three months from June 11, 2021 to September 10, 2021, subject to review. The bank has been under directions since June 10, 2020 vide directive DoS.CO.UCBs-North/D-1/12.28.059/2019-20 dated June 09, 2020 issued under Section 35A of the Banking Regulation Act, 1949 (AACS).
The validity of the directive, which was last extended up to June 10, 2021 has further been extended for a period of three months from June 11, 2021 to September 10, 2021 vide directive No.DOR.MON.D-12/12.28.059/2021-22 dated June 08, 2021, subject to review. A copy of the directive dated June 08, 2021 is displayed at the bank’s premises for the perusal of public.
The modification of the directive by the Reserve Bank should per se not be construed as improvement or deterioration in the financial position of the bank. The Reserve Bank may consider modifications of the directive depending upon circumstances.
Press Release: 2021-2022/350