Case Brief
The Reserve Bank of India has extended the existing Directions issued to Lokseva Sahakari Bank Ltd., Pune, Maharashtra, for a further period of six months from May 20, 2015 to November 19, 2015, subject to review. The bank had already been under these directions since May 19, 2014, and the release notes that the directions had been extended earlier as well. The order was issued under Section 35A of the Banking Regulation Act, 1949 (AACS), and the bank will continue banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date