Case Brief
RBI issued a modified directive extending the period of directions already imposed on The Municipal Co-operative Bank Ltd., Ahmedabad. The earlier directive dated February 01, 2012 was set to expire on August 14, 2012, but was extended for another six months until February 14, 2013, subject to review, under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The release only communicates the continuation of the existing restrictions and does not disclose the underlying reasons for the original order.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat
- Order Date