Case Brief
What Happened
The Reserve Bank of India has extended the existing directions against U. P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow for a further period of three months, from September 26, 2020 to December 25, 2020. The bank has been under directions since September 25, 2018 under Section 35A of the Banking Regulation Act, 1949 (AACS), and the validity of the directive had previously been extended up to September 25, 2020. RBI noted that the modification should not be construed as an improvement or deterioration in the bank’s financial position.