Case Brief
What Happened
The Reserve Bank of India extended the validity of 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. The directive, originally issued on February 21, 2013 and last extended up to May 31, 2019, was continued for another three months from June 1, 2019 to August 31, 2019, subject to review. The press release states that all other terms and conditions remain unchanged and notes that the extension should not be construed as RBI being satisfied with any substantive improvement in the bank’s financial position.