Case Brief
The Reserve Bank of India has extended the period of directions on The Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad. The bank continues to be under the modified directions from April 02, 2013 through October 02, 2013. The release notes that the directions were originally imposed from close of business on April 02, 2012 and were later modified in May, September and November 2012. The order is issued under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) and is stated to be in public interest.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat
- Order Date