Case Brief
The Reserve Bank of India has extended the existing directions applicable to The City Co-operative Bank Ltd., Mumbai, Maharashtra. The bank had originally been placed under directions on April 17, 2018, and those directions, as modified from time to time, were last extended up to October 16, 2020. RBI has now continued the same directive for a further three months, from October 17, 2020 to January 16, 2021, subject to review. The release also clarifies that all other terms and conditions remain unchanged and that the extension should not be taken to mean RBI is satisfied with any substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra