Case Brief
What Happened
The Reserve Bank of India extended the existing directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 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, with the validity extended from time to time, and the latest extension keeps the same directions in force until November 24, 2021. The release states that all other terms and conditions remain unchanged and notes that the extension should not be construed as RBI satisfaction with the bank’s financial position.