Case Brief
The Reserve Bank of India extended the validity of the existing directions issued to The Needs of Life Co-op. Bank Ltd, Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally issued on October 26, 2018 and previously extended up to October 31, 2020, were continued from November 1, 2020 to April 30, 2021, subject to review. RBI noted that all other terms and conditions remain unchanged and clarified that the extension should not be taken to mean the bank's financial position has substantively improved.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date