Case Brief
What Happened
RBI notified that the existing directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949, would continue for a further three months from December 01, 2019 to February 29, 2020. These directions had originally been imposed on February 21, 2013 and extended from time to time, with the last extension valid up to November 30, 2019. The press release states that all other terms and conditions remained unchanged and that the extension should not be taken to mean RBI was satisfied with the bank’s financial improvement.