Case Brief
What Happened
The Reserve Bank of India extended the existing directions issued to Nagar Urban Co-operative Bank Ltd., Ahmednagar under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally placed on the bank from the close of business on December 06, 2021 for six months and later extended from time to time, were continued up to March 06, 2023. The release says all other terms and conditions remain unchanged and notes that the extension should not be read as RBI being satisfied with the bank's financial position.