Case Brief
What Happened
The Reserve Bank of India extended the validity of the directions issued to U.P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow for a further six-month period, from September 26, 2019 to March 25, 2020, subject to review. The bank had been under directions since September 25, 2018 under Section 35A of the Banking Regulation Act, 1949 (AACS), and the release clarifies that the modification should not be interpreted as indicating any improvement or deterioration in the bank’s financial position. This is a continuation of the existing regulatory restrictions rather than a fresh punitive action.