RBI extends action period on Rupee Co-operative Bank

Case Brief

The Reserve Bank of India extended the Directions already in force against Rupee Co-operative Bank Ltd., Pune, Maharashtra. These Directions, originally imposed from close of business on February 22, 2013, were continued until November 22, 2022 under Section 35A read with Section 56 of the Banking Regulation Act, 1949, subject to review. RBI stated that all other terms and conditions of the original directive would remain unchanged. The press release also records that the bank’s licence had been cancelled earlier and that court proceedings had affected the stay status of that cancellation, but the action in this release is specifically the extension of the operating Directions.