RBI extends curbs on Mumbai-based The Needs of Life Co-op Bank for six months

The Reserve Bank on Wednesday extended restrictions imposed on city-based The Needs of Life Co-op Bank Ltd for another six months till 31 October

Press Trust of India April 29, 2020 16:46:10 IST
RBI extends curbs on Mumbai-based The Needs of Life Co-op Bank for six months

Mumbai: The Reserve Bank on Wednesday extended restrictions imposed on city-based The Needs of Life Co-op Bank Ltd for another six months till 31 October.

The Reserve Bank in October 2018 had barred the bank from granting or renewing any loan for six months and later extended the curbs twice. The bank was allowed to continue to undertake banking business with restrictions till "its financial position improves".

The RBI had also put restrictions on withdrawals from the bank. The restrictions were to end on Wednesday.

RBI extends curbs on Mumbaibased The Needs of Life Coop Bank for six months

Representational image. Reuters.

In an order, the central bank said the directive issued by it on 26 October, 2018 "shall continue to apply to the bank for a further period of six months from 30 April, 2020 to 31 October, 2020".

It also added that extension and/or modification "should not per-se be construed" to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.

In another statement, the RBI said restrictions on Madgaum Urban Co-operative Bank Ltd, Margao, Goa too have been extended by three months till 2 August.

The restrictions were to end on 2 May, 2020.

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