Case Brief
The Reserve Bank of India further extended the existing directions issued to Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra under Section 35A of the Banking Regulation Act, 1949 (AACS). The extension runs from February 01, 2020 to March 31, 2020, subject to review. The directions impose restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI clarifies that this is not a cancellation of the bank’s licence and that the bank may continue banking business only with these restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Osmanabad, Maharashtra
- Order Date