Case Brief
The Reserve Bank of India extended the existing directions imposed on Padmashri Dr. Vitthalrao Vikhe Patil Co-Op. Bank Ltd., Nashik, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). These directions, originally issued from the close of business on May 19, 2018 and previously extended up to December 17, 2021, now continue from December 18, 2021 to March 17, 2022, subject to review. The order includes restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI clarified that this should not be treated as cancellation of the bank’s licence and that the bank will continue business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra