Case Brief
The Reserve Bank of India extended the applicability of its existing directions on Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra. These directions, originally issued from the close of business on November 13, 2017 under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS), had already been modified and extended several times, and were last valid up to September 30, 2020. The current release continues those directions from October 01, 2020 to December 31, 2020, subject to review. RBI clarifies that this is not a cancellation of the bank’s licence; rather, the bank continues to undertake banking business with restrictions.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Osmanabad, Maharashtra