Case Brief
What Happened
The Reserve Bank of India notified that the existing directions issued to The Karad Janata Sahakari Bank Ltd., Karad, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 would continue for a further six months. The extension runs from May 10, 2018 to November 09, 2018, subject to review, and follows the original directions dated November 07, 2017 that were effective from the close of business on November 09, 2017. RBI clarified that the extension should not be taken to mean that the bank's financial position has substantively improved.