Case Brief
The Reserve Bank of India continued its existing Directions against Karnala Nagri Sahakari Bank Ltd., Panvel, Raigad, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had first been placed under Directions from the close of business on June 15, 2020, and the validity was later extended up to June 15, 2021. In the June 15, 2021 release, RBI stated that the directions shall continue to apply till August 15, 2021, subject to review, with all other terms and conditions unchanged.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Panvel, Maharashtra
- Order Date