Case Brief
RBI extended the directions issued to Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded, Maharashtra for a further three months from the close of business on September 30, 2016 to December 31, 2016, subject to review. The bank had been under directions since July 01, 2015, with two earlier nine-month extensions. The directions were imposed under Section 35A(1) of the Banking Regulation Act, 1949 (AACS). RBI clarified that the order is not a cancellation of the banking licence and that the bank will continue undertaking banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mukhed, Maharashtra