Reserve Bank of India, in exercise of powers vested in it under Sub-Section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949(AACS), had, in the public interest, issued Directions to Hindu Cooperative Bank Limited, Pathankot, Punjab, from the close of business on March 25, 2019. The Directions have been extended from time to time the validity of which was last extended upto March 24, 2021. These Directions shall continue to apply to the bank for a further period of three months from March 25, 2021 to June 24, 2021, subject to review. A copy of the Directions dated March 23, 2021 is displayed at the bank’s premises for interested members of public to peruse. Reserve Bank of India may consider modifications in Directions depending upon the circumstances. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will be able to undertake banking business with restrictions till its financial position improves.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1295