Case Brief
What Happened
The Reserve Bank of India extended the applicability of its earlier directions to Padmashri Dr. Vitthalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra. These directions, first issued from the close of business on May 19, 2018 and modified/extended from time to time, will continue for a further three months from September 18, 2021 to December 17, 2021, subject to review. The directions impose restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI also noted that the bank will continue to undertake banking business with restrictions and that the directions should not be construed as cancellation of the banking licence.