Case Brief
The Reserve Bank of India has further extended the directions earlier imposed on Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra under Section 35A of the Banking Regulation Act, 1949 (AACS). The extension runs from September 14, 2019 to October 13, 2019. The directions continue to place restrictions and/or ceilings on withdrawal and acceptance of deposits, while RBI notes that the bank is not being licensed-cancelled and will continue banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Osmanabad, Maharashtra
- Order Date