Case Brief
The Reserve Bank of India extended the existing directions issued to Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd., Nilanga, Distt. Latur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The earlier directions, already modified from time to time and last valid up to October 14, 2020, were continued from October 15, 2020 to December 14, 2020, subject to review. The restrictions include ceilings on withdrawal and acceptance of deposits. RBI noted that the directions should not be construed as cancellation of the banking licence and that the bank may continue banking business only with restrictions while its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nilanga, Maharashtra