Case Brief
What Happened
The Reserve Bank of India extended the period of its existing directions against Shri Anand Co-operative Bank Limited, Chinchwad, Pune, Maharashtra. The bank had originally been placed under directions from the close of business on June 25, 2019, and the latest extension continues those directions until September 24, 2021 under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The release says all other terms and conditions remain unchanged and that the extension should not be construed as RBI being satisfied with the bank’s financial position.