Case Brief
The Reserve Bank of India has further extended the existing directions issued to Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra under Section 35A of the Banking Regulation Act, 1949 (AACS). The extension runs from November 14, 2018 to March 13, 2019. The directions continue to impose restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI also clarifies that this is not a cancellation of the bank’s licence and that the bank will continue to conduct banking business subject to these restrictions until its financial position improves or the directions are modified.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Osmanabad, Maharashtra