Case Brief
What Happened
The Reserve Bank of India further extended the existing directions issued to Mantha Urban Co-operative Bank Limited, Mantha, District Jalna, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The extension runs from August 17, 2021 to October 16, 2021, subject to review. The directions continue to impose restrictions and/or ceilings on withdrawal and acceptance of deposits, and RBI noted that the bank will continue to undertake banking business with restrictions until its financial position improves.