Case Brief
RBI notified that the period of operation of the bank’s existing directions, originally issued on August 14, 2014 and extended on February 4, 2015, has been further extended from the close of business on August 18, 2015 to November 17, 2015. The order is described as a modified directive under Section 35A of the Banking Regulation Act, 1949 (AACS), and the other terms and conditions remain unchanged. RBI also clarified that the modification should not be interpreted as indicating substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Thane, Maharashtra
- Order Date