The Reserve Bank of India (RBI) has extended the Directions issued to the People’s Co-operative Bank Ltd., Kanpur for a period of six months from December 11, 2020 to June 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 sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS).

The validity of the directive, which was issued up to December 10, 2020 has been extended for a period of six months from December 11, 2020 to June 10, 2021 vide directive No. DOR.AID/D-14/12.28.059/2020-21 dated December 09, 2020, subject to review. A copy of the directive dated December 09, 2020 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.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/757