Case Brief
What Happened
The Reserve Bank of India has further extended the directions previously 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 October 17, 2021 to December 16, 2021, subject to review. The directions continue to impose restrictions and/or ceilings on withdrawal and acceptance of deposits, while RBI notes that the bank may undertake banking business with restrictions until its financial position improves.