Case Brief
What Happened
The Reserve Bank of India extended the validity of its existing Directions against Purvanchal Co-operative Bank Ltd., Ghazipur (U.P), which had originally been placed under Directions from August 29, 2023 through February 29, 2024. The Directions now continue from close of business on February 29, 2024 to close of business on May 29, 2024, subject to review. The release states that all other terms and conditions remain unchanged and clarifies that the Directions should not per se be construed as cancellation of the bank’s licence.