Case Brief
What Happened
The Reserve Bank of India extended the directions previously issued to Brahmawart Commercial Co-operative Bank Ltd., Kanpur, Uttar Pradesh for a further period of four months, from July 07, 2017 to November 06, 2017, subject to review. The bank had already been under directions under Section 35A of the Banking Regulation Act, 1949 (AACS) since July 07, 2015, with the directive earlier modified and extended up to July 06, 2017. RBI noted that the modification should not be construed as an improvement or deterioration in the bank’s financial position.