Case Brief
The Reserve Bank of India further extended the directions applicable to Mantha Urban Co-operative Bank Limited, Mantha, District: Jalna, Maharashtra. The directions were originally issued from the close of business on November 17, 2020 under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS), and had already been extended several times. The latest extension runs from December 17, 2021 to February 16, 2022, subject to review. The release states that the directions include restrictions and/or ceilings on withdrawal and acceptance of deposits, while clarifying that this is not a cancellation of the banking licence and that the bank may continue banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mantha, Maharashtra