Case Brief
What Happened
The Reserve Bank of India extended the validity of the existing Section 35A directions applicable to Rupee Co-operative Bank Ltd., Pune, Maharashtra. The extension runs from February 22, 2014 to August 21, 2014, and the release states that all other terms and conditions remain unchanged. RBI also clarified that the modification should not be treated as cancellation of the bank’s licence and that the bank will continue to conduct banking business subject to restrictions until its financial position improves.