Case Brief
What Happened
The Reserve Bank of India extended the ongoing directions imposed on The R.S. Co-operative Bank Ltd., Mumbai, Maharashtra. The bank had originally been placed under directions on June 24, 2015, effective from close of business on June 26, 2015, and those directions had been modified and extended over time, with the last extension valid up to January 25, 2019. By the directive dated January 16, 2019, RBI ordered that the earlier directions would continue to apply for a further four months, from January 26, 2019 to May 25, 2019, subject to review. RBI also clarified that the extension should not be read as indicating satisfaction with any substantive improvement in the bank's financial condition.