Case Brief
What Happened
The Reserve Bank of India has extended the period of Directions already imposed on Nagar Urban Co-operative Bank Ltd., Ahmednagar. The bank had been under Directions since December 06, 2021, and those directions, issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949, will now continue till September 06, 2022, subject to review. RBI also states that all other terms and conditions of the original directions remain unchanged and that the extension should not be construed as satisfaction with the bank’s financial position.