Case Brief
What Happened
The Reserve Bank of India has extended the validity of its earlier directions issued to The Madgaum Urban Co-operative Bank Ltd., Margao, Goa under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive dated April 26, 2019 had been effective from May 02, 2019 and was previously extended up to May 02, 2020. Under the latest directive dated April 24, 2020, the same restrictions will continue for a further three months, from May 03, 2020 to August 02, 2020, with all other terms and conditions unchanged and subject to review.