Case Brief
What Happened
The Reserve Bank of India extended the existing directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra for six months, from August 22, 2015 to February 21, 2016, subject to review. These directions were originally imposed on February 22, 2013 under Section 35A of the Banking Regulation Act, 1949 read with Section 56, and had already been renewed several times. RBI said the bank would continue to undertake banking business with restrictions until its financial position improves, and clarified that the directions should not be construed as cancellation of the banking licence.