Case Brief
The Reserve Bank of India extended the existing directions issued to Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd., Nilanga, District Latur, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The directions, first issued from the close of business on February 16, 2019 and modified from time to time, were previously valid up to March 14, 2021. RBI said they would continue to apply from March 15, 2021 to June 14, 2021, subject to review. The directions impose restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI clarified that the directions are not to be construed as cancellation of the bank's licence, and the bank will continue to undertake banking business with restrictions.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location