Case Brief
What Happened
RBI has extended the Section 35A read with Section 56 directions that were earlier imposed on The Kapol Co-operative Bank Ltd., Mumbai. The original directions dated March 30, 2017 had already been extended from time to time up to January 31, 2019; this latest directive continues them from February 01, 2019 to July 31, 2019, subject to review. All other terms and conditions remain unchanged, and RBI expressly notes that the extension should not be taken to mean it is satisfied with the bank's financial improvement.