Case Brief
What Happened
RBI notified that the directions earlier imposed on Rupee Co-operative Bank Ltd., Pune, Maharashtra have been extended for a further three months, from August 22, 2014 to November 21, 2014, under a modified directive dated August 19, 2014. The release clarifies that all other terms and conditions remain unchanged and that the bank will continue to conduct banking business with restrictions until its financial position improves. It also expressly says the modification should not be construed as cancellation of the banking licence.