Case Brief
The Reserve Bank of India notified an extension of the validity period of the directions already imposed on The Merchants' Co-operative Bank Ltd., Dhule, Maharashtra under Section 35A of the Banking Regulation Act, 1949 (AACS). The modified directive extends the order from June 13, 2013 to December 12, 2013, subject to review, while keeping all other terms and conditions unchanged. RBI also clarified that the extension should not be taken to mean it is satisfied with any substantive improvement in the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Dhule, Maharashtra
- Order Date