Case Brief
RBI has extended the Section 35A directions previously issued to R S Co-operative Bank Ltd., Mumbai, Maharashtra. The directive, originally issued on June 24, 2015 and effective from close of business on June 26, 2015, had already been modified and extended from time to time; the latest prior validity ran until March 25, 2017. By the March 20, 2017 release, RBI extended those directions for a further six months, from March 26, 2017 to September 25, 2017, subject to review. The release also clarifies that the extension and modifications should not be interpreted as RBI being satisfied with any substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra