Case Brief
RBI has continued the directions previously placed on The Needs of Life Co-operative Bank Ltd., Mumbai from October 29, 2018. The validity, last extended to April 30, 2021, is further extended till October 31, 2021 under Section 35A read with Section 56 of the Banking Regulation Act, 1949. All terms and conditions of the earlier directions remain unchanged, and RBI explicitly notes that the extension should not be read as satisfaction with the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date