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.) under section 35A read with section 56 of the Banking Regulation Act, 1949. The extended period is from July 23, 2023 to October 22, 2023, subject to review. The release states that the bank has been under direction since July 22, 2022, and that the order had previously been extended up to April 22, 2023 and then up to July 22, 2023. RBI also clarified that the directions should not be read as a cancellation of the banking licence, and that modifications may be considered depending on circumstances.