Case Brief
What Happened
The Reserve Bank of India has extended the directions already in force against Nagar Urban Co-operative Bank Ltd., Ahmednagar. The bank had originally been placed under directions from the close of business on December 06, 2021, and the validity had been extended periodically, most recently up to September 06, 2023. By the latest directive dated September 05, 2023, RBI has continued those directions till close of business on December 06, 2023, subject to review, with all other terms and conditions unchanged. The press release also notes that this extension should not be construed to mean RBI is satisfied with the bank's financial position.