Case Brief
What Happened
RBI has extended the validity of the directions already in force against National Urban Co-operative Bank Ltd., Bahraich (U.P.) for three months, from April 23, 2023 to July 22, 2023, subject to review. The press release states that the bank had been under directions since July 22, 2022 and that the latest extension follows a prior extension that lasted until April 22, 2023. The release also clarifies that the issuance of the directions should not be construed as cancellation of the banking licence.