Case Brief
What Happened
The Reserve Bank of India has extended the validity of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) against Purvanchal Co-operative Bank Ltd., Ghazipur (U.P.). The bank had first been placed under Directions from August 29, 2023, and the latest order continues those Directions unchanged from close of business on May 29, 2024 to close of business on August 29, 2024. The press release notes that the extension does not imply satisfaction with the bank's financial position.