Case Brief
What Happened
The Reserve Bank of India extended the ongoing directions applicable to The City Co-operative Bank Ltd., Mumbai, Maharashtra. The bank had originally been placed under directions from the close of business on April 17, 2018, and the directions had been renewed from time to time; this latest order continues them up to July 16, 2021 under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The release states that all other terms and conditions remain unchanged and notes that the extension should not be construed as RBI being satisfied with the bank’s financial position.