Case Brief
What Happened
The Reserve Bank of India has further extended the directions previously issued to Kolikata Mahila Co-operative Bank Limited, Kolkata, West Bengal, under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The earlier directions were valid from July 09, 2019 through January 09, 2020, and the extension runs from January 10, 2020 to July 09, 2020. RBI notes that the bank may continue banking business only with restrictions and that the order should not be construed as a cancellation of banking licence.