Case Brief
What Happened
The Reserve Bank of India notified that the existing directions issued to The CKP Co-operative Bank Ltd., Mumbai, Maharashtra under Section 35A of the Banking Regulation Act, 1949, as modified from time to time, will continue to apply from February 1, 2020 to March 31, 2020. The release states that the validity of the directive had previously been extended up to January 31, 2020 and is now further extended for two months, subject to review. The RBI also clarifies that the other terms and conditions of the directive remain unchanged and that the extension should not be taken to mean the RBI is satisfied with the bank's financial improvement.