Case Brief
What Happened
The Reserve Bank of India notified that the Section 35A directions already applicable to The Needs of Life Co-op. Bank Ltd., Mumbai, Maharashtra, would continue for a further six months. The original directions were issued on October 26, 2018, effective from close of business on October 29, 2018, and had earlier been extended up to April 29, 2020. By the April 24, 2020 directive, RBI extended the validity from April 30, 2020 to October 31, 2020, subject to review, with all other conditions unchanged. The release also notes that the extension and/or modification should not be taken to mean that RBI is satisfied with the bank’s financial improvement.