Case Brief
What Happened
The Reserve Bank of India continued the Section 35A directions first issued to The CKP Co-operative Bank Ltd, Mumbai, Maharashtra, on April 30, 2014. The latest directive, dated June 24, 2019, extended the validity of the existing directions, as modified from time to time, for a further three months from July 1, 2019 to September 30, 2019, subject to review. RBI also clarified that the extension should not be taken to mean that it was satisfied with any substantive improvement in the bank’s financial condition.