Case Brief
The Reserve Bank of India extended the validity of the directions originally issued to The City Co-operative Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier order, in force since April 17, 2018, had already been extended up to April 17, 2020; this release continues the same directions from April 17, 2020 to July 16, 2020, subject to review. The release emphasizes that all other terms and conditions remain unchanged and that the extension should not be read as indicating substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra