Case Brief
The Reserve Bank of India extended the validity of the existing directions issued to The Karad Janata Sahakari Bank Ltd., Karad under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The prior order, originally issued on November 7, 2017 and previously extended up to March 9, 2020, was continued for a further three months from March 10, 2020 to June 9, 2020, subject to review. The release states that all other terms and conditions of the directive remain unchanged and notes that the extension should not be construed as indicating substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Karad, Maharashtra