Case Brief
What Happened
The Reserve Bank of India extended the directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra, under Section 35A of the Banking Regulation Act, 1949 read with Section 56. The directions, which had been in force since February 22, 2013 and were repeatedly extended earlier, were further extended from November 22, 2017 to May 31, 2018, subject to review. RBI said the bank would continue to undertake banking business with restrictions until its financial position improves, and that modifications may be considered depending on circumstances. The release explicitly states that the directions should not be construed as cancellation of the banking licence.