Case Brief
The Reserve Bank of India extended the validity of the directions issued to Pioneer Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh, for a further period of three months from March 24, 2016 to June 23, 2016, subject to review. The bank had already been under directions since March 24, 2015 under Section 35A of the Banking Regulation Act, 1949 (AACS), and the release states that the other terms and conditions of the directive remain unchanged. RBI also notes that the modification should not be construed as an improvement or deterioration in the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Lucknow, Uttar Pradesh