Case Brief
What Happened
Punjab and Maharashtra Cooperative Bank Limited, Mumbai, a multi-state urban cooperative bank, was already under All-Inclusive Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949. In this release, RBI extended the validity of those directions, as modified from time to time, for a further three months from March 23, 2020 to June 22, 2020, subject to review. The release states that the original action was taken in the interest of depositor protection and that all other terms and conditions of the directives remain unchanged.