Case Brief
Reserve Bank of India further extended the directions issued to Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra, under Section 35A of the Banking Regulation Act, 1949 (AACS). The original directions had been issued in public interest for six months from the close of business on November 13, 2017, and the current extension runs from May 14, 2018 to November 13, 2018. The directions place restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI also states that the directions should not be construed as cancellation of the bank’s licence and may be modified depending on circumstances.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Osmanabad, Maharashtra