Case Brief
The Reserve Bank of India extended the directions previously issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra, for a further period of three months from September 01, 2018 to November 30, 2018, subject to review. These directions were originally imposed under Section 35A of the Banking Regulation Act, 1949 read with Section 56 of the Act and had been extended on multiple earlier occasions. RBI clarified that the issuance of these directions should not be construed as cancellation of the bank’s banking licence, and that the bank would continue to undertake banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra