Case Brief
What Happened
The Reserve Bank of India extended the existing directions applicable to Nagar Urban Co-operative Bank Ltd., Ahmednagar under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directions had been placed on the bank from the close of business on December 06, 2021 for six months, and had already been extended earlier up to September 06, 2022. By the latest directive dated September 06, 2022, the same directions were continued until December 06, 2022, with all other terms and conditions remaining unchanged and subject to review.