Case Brief
RBI announced that the directions previously imposed on The Municipal Co-operative Bank Ltd., Ahmedabad under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) have been extended. The original directions were effective from close of business on February 15, 2010, and the expiry date of August 14, 2013 was further extended by six months to February 14, 2014, subject to review. No new misconduct allegations or penalty amount are stated in this release; it is a continuation of the existing restrictions.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat
- Order Date