Case Brief
What Happened
The Reserve Bank of India announced that the directions previously imposed on The CKP Co-operative Bank Ltd., Mumbai, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949 would continue. The original directive dated April 30, 2014, which had already been extended from time to time and most recently up to May 31, 2019, was further extended from June 1, 2019 to June 30, 2019, subject to review. The release states that the extension should not be construed as RBI having found substantive improvement in the bank’s financial position.