Case Brief
RBI extended the existing Section 35A directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra for another six months, from August 22, 2016 to February 21, 2017, subject to review. The order had been in force since February 22, 2013 and had been extended repeatedly. RBI clarified that the directions do not amount to cancellation of the banking licence, and the bank will continue to conduct banking business under the imposed restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date