Case Brief
The Reserve Bank of India has extended the period of its existing directions on The Karad Janata Sahakari Bank Ltd., Karad. The bank had originally been placed under directions effective from November 9, 2017, and those directions were already extended once up to November 9, 2018. By the latest notification, RBI has continued the same directive for a further four months, from November 10, 2018 to March 9, 2019, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. No terms were changed; all earlier conditions remain in force. RBI also clarified that the extension should not be interpreted as indicating substantive improvement in the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Karad, Maharashtra