Case Brief
The Reserve Bank of India extended the existing directions issued to Dr. Babasaheb Ambedkar Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra for a further three-month period from November 04, 2015 to February 03, 2016, subject to review. These directions had been in force since May 2012 and were previously extended six times for six months each. The order was issued under Section 35A(1) of the Banking Regulation Act, 1949 (AACS). The release clarifies that the directions should not be construed as cancellation of the bank's banking licence; instead, the bank will continue to undertake banking business with restrictions until its financial position improves, and RBI may modify the directions depending on circumstances.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Aurangabad, Maharashtra