Case Brief
What Happened
The Reserve Bank of India extended the existing directions on The CKP Co-operative Bank Ltd., Mumbai, Maharashtra. The bank had originally been placed under directions on April 30, 2014, effective from May 2, 2014, and the directions had been periodically extended. By directive dated February 26, 2019, RBI continued those directions for a further three-month period from March 1, 2019 to May 31, 2019, subject to review. RBI also clarified that the extension or modification should not be read as indicating substantive improvement in the bank’s financial position.