Case Brief
What Happened
RBI has extended the directions earlier issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra for a further three-month period from 1 June 2018 to 31 August 2018. These directions were issued under Section 35A of the Banking Regulation Act, 1949 read with Section 56, and have been periodically extended since their original imposition in February 2013. The release makes clear that the order does not amount to cancellation of the banking licence, but the bank will continue to conduct banking business with restrictions until its financial position improves.