Case Brief
What Happened
The Reserve Bank of India extended the validity of the directions imposed on United India Co-operative Bank Ltd., Nagina, Bijnor, Uttar Pradesh, from April 15, 2016 to October 14, 2016, subject to review. The bank remains under directions originally issued on July 15, 2015 under Section 35A of the Banking Regulation Act, 1949 read with Section 56. RBI also partially modified the earlier directive dated July 08, 2015 by relaxing the depositor withdrawal limit to ₹20,000 per depositor, while stating that all other provisions continue unchanged.