Case Brief
The Reserve Bank of India has modified the directions already issued to Navodaya Urban Co-operative Bank Ltd., Nagpur, under Section 35A of the Banking Regulation Act, 1949 (AACS). The directions were earlier imposed from December 15, 2016 and are stated to be valid up to June 15, 2017, subject to review. RBI clarifies that the order is not a cancellation of the bank’s banking licence, but the bank will continue to undertake banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nagpur, Maharashtra
- Order Date