Case Brief
What Happened
The Reserve Bank of India said that the Directions previously imposed on Shri Anand Co-operative Bank Limited under Section 35A read with Section 56 of the Banking Regulation Act, 1949 would continue to apply until March 24, 2021. The bank had already been under these Directions since June 25, 2019, and this release is an extension of the existing order rather than a fresh or lifted action. RBI also noted that all other terms and conditions of the original Directions remain unchanged and that the extension should not be construed as satisfaction with the bank's financial position.