Case Brief
What Happened
The Reserve Bank of India extended the period of operation of the existing directive dated April 1, 2013, as modified from time to time and last extended on December 29, 2016, for Amanath Co-operative Bank Ltd., Bengaluru. The directions will now continue from July 5, 2017 to January 4, 2018, subject to review, with all other terms and conditions unchanged. RBI clarified that this is not a cancellation of the bank’s licence and that the bank may continue banking business, but only with restrictions until its financial position improves.