Case Brief
What Happened
The Reserve Bank of India notified that the existing directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra, under Section 35A of the Banking Regulation Act, 1949 (read with Section 56), would continue to apply for a further three months from March 01, 2019 to May 31, 2019. The directive dated February 21, 2013, which had already been extended multiple times and was last valid up to February 28, 2019, was thus continued by the February 26, 2019 directive. RBI also clarified that all other terms and conditions remain unchanged and that the extension should not be interpreted as evidence of substantive improvement in the bank’s financial position.