Case Brief
What Happened
The Reserve Bank of India has extended the existing directions on The R. S. Co-operative Bank Ltd., Mumbai, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive dated June 24, 2015, which had already been modified and extended from time to time, was continued for a further six-month period from January 26, 2018 to July 25, 2018 vide directive dated January 19, 2018. RBI stated that the bank’s modified directions remain in force and that the extension should not be interpreted as indicating substantive improvement in the bank’s financial position.