Case Brief
What Happened
The Reserve Bank of India extended the validity of the directions imposed on United India Co-operative Bank Limited, Nagina, Bijnor (U.P.) for a further period of three months, from January 23, 2023 to April 22, 2023. The order continues the bank's existing restrictions under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), originally effective from the close of business on July 22, 2022. RBI stated that the directions are subject to review and clarified that the release should not be interpreted as cancellation of the bank's licence.