Directions under Section 35A of the Banking Regulation Act, 1949 – United Cooperative Bank Limited, Bagnan, West Bengal – Extension of Period

The Reserve Bank of India, in public interest, had issued Directions to United Co-operative Bank Limited, Bagnan Station Road (North), P.O.– Bagnan, Dist.-Howrah, Pin–711 303, 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 from the close of business on July 18, 2018, as modified from time to time which was last extended upto July 18, 2019. The Reserve Bank of India has now, in public interest, further extended the directions for a period of three months from July 19, 2019 to October 18, 2019. A copy of the Directive is displayed at bank’s premises for perusal of public.

The issue of the above Directions by the 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. The Reserve Bank of India may consider modifications of these Directions depending upon circumstances from time to time.

Yogesh Dayal
Chief General Manager

Press Release : 2019-2020/139

from PRESS RELEASES FROM RBI https://ift.tt/2xNDB00

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