Case Brief
What Happened
Reserve Bank of India, in public interest, further extended the Directions previously issued to United Co-operative Bank Limited, Bagnan, West Bengal under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The extension runs from April 19, 2020 to July 18, 2020. The release notes that the directions had been in force since the close of business on July 18, 2018, had been modified from time to time, and were last extended up to April 18, 2020. RBI clarified that this should not be construed as cancellation of the banking licence and that the bank may continue to undertake banking business with restrictions until its financial position improves.