Case Brief
What Happened
The Reserve Bank of India extended the validity of the existing directions issued to Shri Anand Co-operative Bank Ltd., Chinchwad, Pune, Maharashtra. The directions, originally placed from close of business on June 25, 2019 and last extended up to September 24, 2020, will now continue from September 25, 2020 to December 24, 2020, subject to review. The release notes that the other terms and conditions of the directive remain unchanged and clarifies that the extension should not be construed as RBI being satisfied with any substantive improvement in the bank's financial position.