Case Brief
What Happened
The Reserve Bank of India has extended the existing directions imposed on The Karad Janata Sahakari Bank Ltd., Karad, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directions dated November 7, 2017 had already been extended from time to time, most recently up to March 9, 2019. RBI has now ordered that those directions continue to apply for a further six months, from March 10, 2019 to September 9, 2019, subject to review. The release says all other terms and conditions remain unchanged and notes that the extension should not be construed as evidence of substantive improvement in the bank's financial position.