Case Brief
What Happened
RBI has extended the validity of the existing directions issued to National Urban Co-operative Bank Ltd., Bahraich (U.P.) under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS). The bank had been under these directions since the close of business on July 22, 2022, and the previous validity up to January 22, 2023 has now been extended from January 23, 2023 to April 22, 2023, subject to review. The RBI also stated that the directions should not be construed as cancellation of the bank's licence and may be modified depending on circumstances.