Case Brief
The Reserve Bank of India notified that the Section 35A directions first placed on The Kapol Co-operative Bank Ltd., Mumbai, Maharashtra on March 30, 2017 would continue to apply. The earlier directions had already been extended from time to time and were valid up to July 31, 2018; RBI’s July 23, 2018 directive extended them further from August 1, 2018 to January 31, 2019, subject to review. The release also clarifies that the extension or modification should not be taken to indicate any substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date