Case Brief
What Happened
The Reserve Bank of India has extended the validity of the directions 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 extension runs from April 29, 2023 to July 28, 2023, and follows an earlier extension that kept the directions in force until April 28, 2023. RBI also stated that the issuance of these directions should not be construed as cancellation of the bank’s licence, and that the directions may be modified depending on circumstances.