Case Brief
The Reserve Bank of India extended the directions issued to Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded, Maharashtra, for another six months, up to June 30, 2016, subject to review. The order was originally in force from July 01, 2015 and was imposed under Section 35A of the Banking Regulation Act, 1949 (AACS). RBI clarified that this does not amount to cancellation of the bank's licence, but the bank will continue to conduct banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mukhed, Maharashtra
- Order Date