Case Brief
What Happened
RBI notified an extension of the existing directions issued to The Karad Janata Sahakari Bank Ltd., Karad under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The prior directive, initially issued on November 7, 2017 and extended from time to time, had been valid up to September 09, 2020. The new order continues the same directions from September 10, 2020 through December 09, 2020, subject to review, and explicitly states that all other terms and conditions remain unchanged. RBI also noted that the extension and/or modification should not be interpreted as evidence of substantive improvement in the bank's financial position.