Case Brief
What Happened
RBI has extended the validity of the directions already in force against Lucknow Urban Co-operative Bank Ltd., Lucknow (U.P.), for a further period of three months from April 29, 2023 to July 28, 2023. The bank had been under direction since July 28, 2022, and the prior extension had kept the order in force until April 28, 2023. The new order, dated April 27, 2023, continues the same Section 35A read with Section 56 directions, subject to review. The press release further notes that the existence of these directions should not be interpreted as cancellation of the bank’s licence.