Case Brief
The Reserve Bank of India has extended the directions already in force against Defence Accounts Cooperative Bank Ltd., Pune under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directions, placed from close of business on March 10, 2023, will now continue from close of business on December 10, 2024 until close of business on March 10, 2025, subject to review. RBI also clarified that all other terms and conditions of the directives remain unchanged and that the extension should not be construed as satisfaction with the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Pune
- Order Date