Case Brief
What Happened
The Reserve Bank of India notified that the directions issued to The CKP Co-operative Bank Ltd., Mumbai, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949, would continue to apply. The original directive dated April 30, 2014, which had been modified and extended over time, was last valid up to March 31, 2018, subject to review. By directive dated March 26, 2018, RBI extended the same restrictions for a further period of four months, from April 1, 2018 to July 31, 2018, subject to review. RBI also stated that the extension and/or modification should not be construed to mean that it was satisfied with the bank’s substantive financial improvement.