Case Brief
The Reserve Bank of India has extended the validity of the existing All-Inclusive Directions issued to Millath Co-operative Bank Ltd., Davangere, Karnataka under Section 35A of the Banking Regulation Act, 1949 (as applicable to cooperative societies). The directions, earlier valid up to November 07, were continued unchanged from November 08, 2019 to May 07, 2020, subject to review. RBI also clarified that the order should not be construed as cancellation of the banking licence and that the bank will continue banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Davangere, Karnataka