Case Brief
What Happened
The Reserve Bank of India has extended the Section 35A directions previously imposed on Shri Anand Co-operative Bank Ltd., Chinchawad, Pune, Maharashtra. The original directions, effective from close of business on June 25, 2019, had been valid up to December 24, 2019; the December 23, 2019 directive continues them from December 25, 2019 to March 24, 2020, subject to review. RBI also stated that the extension or modification should not be construed to mean it is satisfied with any substantive improvement in the bank’s financial position.