Case Brief
What Happened
RBI notified that the Section 35A directions originally issued to The Kapol Co-operative Bank Ltd., Mumbai, and previously extended up to March 31, 2018, would continue to apply from April 01, 2018 to July 31, 2018. The order was issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949, and the other terms and conditions of the original directive, as modified from time to time, were left unchanged. The release also notes that the extension should not be interpreted as RBI being satisfied with any substantive improvement in the bank's financial position.