Case Brief
The Reserve Bank of India extended the Directions issued to The Janata Commercial Cooperative Bank Ltd., Khamgaon (Buldhana), Maharashtra for a further period of three months from June 14, 2015 to September 13, 2015, subject to review. These directions were originally in force from September 13, 2012 and had been extended several times earlier. The order was issued under Section 35A of the Banking Regulation Act, 1949 (AACS). RBI clarified that this should not be viewed as cancellation of the bank's banking licence, and that the bank can continue banking business only with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Khamgaon, Maharashtra