Case Brief
What Happened
Punjab and Maharashtra Cooperative Bank Limited, a multi-state urban cooperative bank in Mumbai, was already operating under All-Inclusive Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949. RBI has extended the validity of those directions from December 23, 2020 to March 31, 2021, subject to review. The extension was taken because the bank needs additional time to examine proposals received against its expression of interest process for reconstruction, with depositor protection and stakeholder interest cited as the basis. All other terms and conditions of the directions remain unchanged.