Case Brief
The Reserve Bank of India extended the existing Section 35A directive applicable to The Needs of Life Co-op. Bank Ltd., Mumbai, Maharashtra. The earlier directive dated October 26, 2018 had already been extended up to October 29, 2019; by the new directive dated October 16, 2019, it was continued for a further six months from October 30, 2019 to April 29, 2020, subject to review. The release clarifies that all other conditions remain unchanged and that the extension should not be read as RBI being satisfied with any substantive improvement in the bank's financial condition.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra