Case Brief
The Reserve Bank of India has extended the period of operation of the existing directives issued to Sikar Urban Co-operative Bank Ltd., Sikar (Rajasthan), under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The extension was issued on May 02, 2019 and keeps the earlier directions in force from May 10, 2019 to November 09, 2019, with all other terms and conditions unchanged and subject to review. RBI also clarified that this should not be construed as cancellation of the banking licence, and that the bank will continue banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Sikar, Rajasthan