Case Brief
What Happened
The Reserve Bank of India extended the validity of the existing directive issued to The Vaish Co-operative Commercial Bank Ltd., New Delhi. The directive, originally dated August 28, 2015 and modified from time to time, had already been extended up to January 8, 2018; RBI said it would continue to apply for a further period of six months, from January 9, 2018 to July 8, 2018, subject to review. This is a continuation of Section 35A restrictions under the Banking Regulation Act, 1949 (as applicable to co-operative societies).