Case Brief
The Reserve Bank of India notified that the directions previously issued to The Kapol Cooperative Bank Ltd., Mumbai, under Section 35A read with Section 56 of the Banking Regulation Act, 1949, will continue to apply up to July 31, 2023. The bank had originally been placed under directions from the close of business on March 30, 2017, and the validity had been extended from time to time, with the last extension being up to April 30, 2023. The April 28, 2023 directive continues those directions subject to review and states that all other terms and conditions remain unchanged.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra