Case Brief
The Reserve Bank of India extended the period of its existing directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS) read with Section 56 against Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd., Nilanga, Distt. Latur, Maharashtra. These directions, originally effective from the close of business on February 16, 2019 and previously extended up to August 14, 2020, were further extended for two months up to October 14, 2020, subject to review. The order continues the restrictions and/or ceiling on withdrawal and acceptance of deposits; RBI notes that the bank will continue to conduct banking business with restrictions and that the directions are not to be construed as cancellation of banking licence.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nilanga, Maharashtra