Case Brief
The Reserve Bank of India extended the validity of its existing directions issued to Padmashri Dr. Vitthalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The directions, first issued from the close of business on May 19, 2018 and modified over time, had already been extended up to September 17, 2020. RBI stated that the same directions would continue to apply from September 18, 2020 to December 17, 2020, subject to review. The release clarifies that this is not a cancellation of the bank’s licence and that the bank will continue to carry on banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra