Case Brief
The Reserve Bank of India has further extended the Directions previously issued to United Co-operative Bank Limited, Bagnan Station Road (North), Dist.-Howrah, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. These directions, which had already been extended from time to time and were last valid up to July 18, 2019, are now continued for three months from July 19, 2019 to October 18, 2019. RBI states that the order is not a cancellation of the bank's licence and that the bank will continue to undertake banking business with restrictions until its financial position improves, with possible future modification depending on circumstances.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Bagnan Station Road (North), Bagnan, West Bengal