Case Brief
What Happened
The Reserve Bank of India has extended the validity of the existing directions issued to Lucknow Urban Co-operative Bank Ltd., Lucknow (U.P.), keeping the bank under the same Section 35A read with section 56 directions for three more months, from July 29, 2023 to October 28, 2023. The release references the original directive dated July 27, 2022 and earlier extensions, and states that the directions remain subject to review. It also explicitly notes that the directions should not be construed as cancellation of the bank's licence.