Case Brief
The Reserve Bank of India extended the period of operation of its Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The Faiz Mercantile Cooperative Bank Ltd., Nashik, Maharashtra. The Directive had originally been issued on March 02, 2023 and was last extended up to December 3, 2023. RBI has now extended the Directive for a further period of three months, from close of business on December 3, 2023 to close of business on March 03, 2024, subject to review. The release states that all other terms and conditions remain unchanged.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra