Case Brief
What Happened
The Reserve Bank of India has extended the existing Section 35A directions applicable to United Co-operative Bank Limited, Bagnan, West Bengal. The original directions were issued in public interest with effect from the close of business on July 18, 2018 and were valid until January 18, 2019; the present release extends them further for six months, from January 19, 2019 to July 18, 2019. RBI clarifies that this extension should not be interpreted as cancellation of the bank’s licence, and that the bank may continue banking business subject to restrictions until its financial position improves.