Case Brief
What Happened
RBI extended the Directions already in force against Dr. Babasaheb Ambedkar Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra, for a further six-month period from May 04, 2015 to November 03, 2015, subject to review. The bank had been under directions since May 2012 and had already received five prior six-month extensions. The order was issued under Section 35A of the Banking Regulation Act, 1949 (AACS). RBI clarified that the directions are not a cancellation of the bank's licence and that the bank will continue to undertake banking business with restrictions until its financial position improves.