Case Brief
The Reserve Bank of India has further extended the existing directions imposed on Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra, for the period June 14, 2019 to September 13, 2019. These directions, issued under Section 35A of the Banking Regulation Act, 1949 (AACS), continue to impose restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI states that the bank will continue to undertake banking business with restrictions until its financial position improves, and clarifies that the directions are not to be construed as cancellation of the banking licence.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Osmanabad, Maharashtra