The Reserve Bank of India, vide Directive LKO.DOS.SED.No. S257/10-12-414/2022-23 dated July 27, 2022, had placed the Urban Co-operative Bank Ltd., Sitapur (U.P) under Directions from the close of business on July 28, 2022. The validity of the Directions was extended from time-to-time, the last being up to July 28, 2023.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, 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, hereby directs that the aforesaid Directions shall continue to apply to the bank till October 28, 2023 as per the Directive DOR.MON.D-49/12.28.042/2023-24 dated July 27, 2023, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the Directive dated July 27, 2023 notifying the above extension is displayed at the bank’s premises for the perusal of public.

4. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/667