Case Brief
The Reserve Bank of India said that directions earlier issued to Independence Co-operative Bank Ltd., Nashik, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) would continue for a further two months, from November 11, 2021 to January 10, 2022, subject to review. The directions, originally valid up to November 10, 2021, place restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI clarified that the issuance of these directions should not be construed as cancellation of the bank’s banking licence, and that the bank would continue banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra