Case Brief
What Happened
The Reserve Bank of India extended the existing Section 35A directions issued to Amanath Co-operative Bank Ltd., Bengaluru. The order continued the earlier directive, last extended up to January 4, 2018, for six more months from January 5, 2018 through July 4, 2018, with all other terms unchanged. RBI clarified that this should not be treated as a cancellation of the banking licence, but the bank will keep conducting business subject to restrictions while its financial position improves.