Case Brief
What Happened
RBI has extended the validity of the directions previously issued to Urban Co-operative Bank Ltd., Sitapur (U.P.) under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS). The original directions were in force from the close of business on July 28, 2022 and had been valid up to January 28, 2023. The new order extends them from January 29, 2023 to April 28, 2023, subject to review. The release specifically notes that the directions should not be interpreted as cancellation of the bank’s licence.