The Reserve Bank of India (RBI) has extended the Directions issued to the U.P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow for a period of six months from September 26, 2019 to March 25, 2020, subject to review. The bank has been under directions since September 25, 2018 vide directive dated September 19, 2018 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 September 25, 2019 has been extended for a period of six months from September 26, 2019 to March 25, 2020 vide directive dated September 24, 2019, subject to review. A copy of the directive dated September 24, 2019 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.
Chief General Manager
Press Release : 2019-2020/785