Case Brief
The Reserve Bank of India withdrew the directions previously issued to United India Co-operative Bank Ltd., Nagina, Bijnor, Uttar Pradesh under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The release notes that the directions had been issued on July 08, 2015 and extended from time to time, with the last extension dated March 30, 2016 remaining valid up to October 14, 2016. RBI stated that, in public interest and in exercise of powers under Section 35A(2) read with Section 56, it withdrew the directions with effect from October 15, 2016. The bank was stated to continue regular banking business thereafter.
Action Snapshot
- Primary Impact
- Lifted
- Entity Type
- Co-operative bank
- Location
- Nagina, Uttar Pradesh