Case Brief
The Reserve Bank of India has extended the Section 35A Directions applicable to Hindu Co-operative Bank Ltd., Pathankot, Punjab. The Directions, originally issued from the close of business on March 25, 2019, had already been modified and extended through September 24, 2020. Under the current release, they continue for a further six months from September 25, 2020 to March 24, 2021, subject to review. RBI clarified that this is not a cancellation of the bank’s licence, but the bank may conduct banking business only with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Pathankot, Punjab
- Order Date