Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of the existing Section 35A directions applicable to Amanath Co-operative Bank Ltd., Bengaluru. The directive, originally issued on April 1, 2013 and last extended on July 2, 2018, will continue unchanged for six more months from January 5, 2019 to July 4, 2019, subject to review. RBI clarified that the order is not a cancellation of the bank’s licence and that the bank may continue banking business, but only under restrictions until its financial position improves.