Case Brief
What Happened
The Reserve Bank of India has extended the directions earlier issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) against Padmashri Dr. Vitthalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra. The extension runs for six months from September 18, 2019 to March 17, 2020, and is subject to review. RBI clarified that the directions are not a cancellation of the banking licence, but the bank will continue to operate with restrictions until its financial position improves.