Case Brief
What Happened
The Reserve Bank of India extended the Directions already applicable to The City Co-operative Bank Ltd., Mumbai, Maharashtra. The bank had been placed under Directions from the close of business on April 17, 2018, and the validity had been extended from time to time, last up to July 16, 2021. Under the July 15, 2021 directive issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949, those Directions were continued until October 16, 2021, subject to review. The release states that all other terms and conditions of the earlier directive remain unchanged.