Case Brief
RBI notified an extension of the Section 35A directions originally imposed on The City Co-operative Bank Ltd., Mumbai on April 17, 2018. The earlier validity had already been extended to April 17, 2019, and the bank was directed to continue operating under the same terms for a further six-month period from April 18, 2019 to October 17, 2019, subject to review. The press release says all other terms and conditions remain unchanged and clarifies 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
- Mumbai, Maharashtra
- Order Date