Case Brief
The Reserve Bank of India has extended the directions earlier issued to Navodaya Urban Co-operative Bank Ltd., Nagpur, Maharashtra for a further three months. The directions are now valid up to 15 October 2018, subject to review. The order was issued under Section 35A of the Banking Regulation Act, 1949 (AACS). RBI also clarified that this should not per se be construed as cancellation of the bank's licence, and that 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