Case Brief
The Reserve Bank of India extended the existing directive issued to Amanath Co-operative Bank Ltd., Bengaluru under Section 35A of the Banking Regulation Act, 1949 (as applicable to cooperative societies). The order, originally dated April 1, 2013 and last extended up to July 4, 2018, was continued unchanged for another six months from July 5, 2018 to January 4, 2019, subject to review. The release clarifies that the directions should not be construed as cancellation of the banking licence, and that the bank will continue to undertake banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Bengaluru, Karnataka