Case Brief
What Happened
The Reserve Bank of India has extended the existing directions applicable to Nagar Urban Co-operative Bank Ltd., Ahmednagar under Section 35A read with Section 56 of the Banking Regulation Act, 1949. These directions, originally placed on the bank from the close of business on December 06, 2021 and extended from time to time, will now continue till September 06, 2023, subject to review. The release says all other terms and conditions remain unchanged and clarifies that the extension should not be taken as RBI satisfaction with the bank's financial position.