Case Brief
The Reserve Bank of India extended the existing directions imposed on Defence Accounts Cooperative Bank Ltd., Pune under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had already been placed under directions from the close of business on March 10, 2023, and the September 8, 2023 directive keeps those directions in force until close of business on December 10, 2023, subject to review. The release also says that all other terms and conditions remain unchanged and clarifies that the extension should not be taken to mean RBI is satisfied with the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra