Case Brief
What Happened
The Reserve Bank of India extended the validity of the directions issued to People’s Co-operative Bank Limited, Kanpur (U.P) under section 35A of the Banking Regulation Act, 1949 (AACS). The bank had already been under direction since June 10, 2020, and the latest order extended the earlier validity, which had been in force up to March 10, 2022, by one further month from March 11, 2022 to April 10, 2022, subject to review. No new penalty or separate misconduct is described in this release; it is a continuation of the existing regulatory restrictions.