Case Brief
The Reserve Bank of India extended the existing Section 35A directive on Amanath Co-operative Bank Ltd., Bengaluru for a further six-month period. The earlier directive dated April 1, 2013, as modified from time to time and last extended on December 21, 2018, was continued from July 5, 2019 to January 4, 2020, with all other terms unchanged and subject to review. RBI clarified that the directions are not a cancellation of the banking licence and that the bank will keep undertaking banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Bengaluru, Karnataka
- Order Date