Case Brief
What Happened
The Reserve Bank of India extended the directions applicable to Rupee Co-operative Bank Ltd., Pune, Maharashtra for three months, from May 22, 2015 to August 21, 2015, subject to review. These directions were originally imposed under Section 35A of the Banking Regulation Act, 1949 read with Section 56, and had been extended several times earlier. The release clarifies that this action is 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.