Case Brief
The Reserve Bank of India, acting in the public interest, had issued directions to Dr. Shivajirao Patil Nilangekar Urban Co-operative Limited, Nilanga, Dist. Latur, Maharashtra under Section 35A of the Banking Regulation Act, 1949 (AACS) read with Section 56 with effect from the close of business on February 16, 2019. In this release, RBI has further extended those directions for six months, from October 16, 2019 to April 15, 2020, subject to review. The directions stipulate restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI says the directions are not to be construed as cancellation of the bank’s licence, and the bank may continue to undertake banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nilanga, Maharashtra