Case Brief
What Happened
The Reserve Bank of India extended the Section 35A directions already in force against The Needs of Life Co-op. Bank Ltd., Mumbai, Maharashtra. The original directive dated October 26, 2018 had been valid up to April 29, 2019, and the April 24, 2019 directive continued the same conditions for a further six months, from April 30, 2019 to October 29, 2019, subject to review. The release also states that the extension should not be construed as indicating substantive improvement in the bank's financial position.