Case Brief
The Reserve Bank of India has extended the period of its existing directions against Dr. Shivajirao Patil Nilangekar UCBL, Nilanga, District Latur, Maharashtra. The directions, originally issued from the close of business on February 16, 2019 under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS), had been modified from time to time and were last extended up to June 14, 2021. RBI has now continued the same directions for a further period of one month from June 15, 2021 to July 14, 2021, subject to review. The order includes restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI also notes that the directions should not be construed as cancellation of the banking licence and that the bank will continue to undertake banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location