Case Brief
What Happened
The Reserve Bank of India extended the existing directions issued to The CKP Co-operative Bank Ltd., Mumbai, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally imposed on April 30, 2014 and effective from close of business on May 2, 2014, had previously been extended up to October 31, 2019. RBI further continued the same directions from November 1, 2019 to January 31, 2020, subject to review. The release explicitly says the extension and/or modification should not be construed as RBI being satisfied with any substantive improvement in the bank's financial position.