Case Brief
What Happened
The Reserve Bank of India extended the validity of the existing directions issued to The Kapol Cooperative Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally placed on the bank on March 30, 2017 and earlier extended up to July 31, 2020, was continued for a further period from August 1, 2020 to January 31, 2021. RBI stated that the extension is subject to review and that all other terms and conditions of the directions remain unchanged.