Case Brief
What Happened
The Reserve Bank of India has extended the existing Directions applicable to The City Co-operative Bank Ltd., Mumbai. The bank had originally been placed under Directions on April 17, 2018, and the validity had been extended from time to time, last up to October 16, 2021. Under the latest directive dated October 14, 2021, RBI has continued those Directions until January 16, 2022, subject to review, while keeping all other terms and conditions unchanged. The release reiterates that the extension should not be taken to mean RBI is satisfied with the bank's financial position.