Case Brief
The Reserve Bank of India extended the Directions applicable to Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded, Maharashtra for three more months, from the close of business on June 30, 2016 to September 30, 2016, subject to review. These directions had already been in force since July 1, 2015 and were previously extended once for six months. RBI stated the directions were issued under Section 35A of the Banking Regulation Act, 1949 (AACS). The bank may continue banking business, but only with restrictions, and the release clarifies that the order is not a cancellation of banking licence.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mukhed, Maharashtra