Case Brief
What Happened
Reserve Bank of India has extended the Directions previously issued under Section 35A of the Banking Regulation Act, 1949 (AACS) to Bhagyodaya Friends Urban Co-operative Bank Ltd., Warud, Distt. Amravati, Maharashtra. The extension is for two months, up to June 17, 2020, and the bank remains subject to restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI states that the bank will continue to undertake banking business with restrictions until its financial position improves, and the directions may be modified depending on circumstances.