Case Brief
What Happened
The Reserve Bank of India extended the existing Section 35A directive against The R S Co-operative Bank Ltd., Mumbai, Maharashtra. The bank had originally been placed under directions on June 24, 2015, effective from close of business on June 26, 2015, and the directive had been modified and extended from time to time, with the last prior validity up to September 25, 2017. By order dated September 20, 2017, RBI extended the directions for another four months, from September 26, 2017 to January 25, 2018, subject to review. RBI also noted that the modifications should not be interpreted as evidence of substantive improvement in the bank’s financial position.