Case Brief
What Happened
The Reserve Bank of India notified an extension of the Directions already imposed on The Kapol Cooperative Bank Ltd., Mumbai, Maharashtra. The bank had originally been placed under Directions from the close of business on March 30, 2017, and the validity had been extended from time to time, with the latest prior end date being January 31, 2021. Under Section 35A read with Section 56 of the Banking Regulation Act, 1949, RBI directed that the same Directions would continue to apply until April 30, 2021, subject to review, with all other terms and conditions unchanged.