Case Brief
What Happened
The Reserve Bank of India has continued its existing Directions against The Kapol Cooperative Bank Ltd., Mumbai, Maharashtra. The bank had originally been placed under Directions from the close of business on March 30, 2017, and the validity had already been extended multiple times, most recently up to October 31, 2021. By the present release, RBI states that the Directions shall continue to apply till April 30, 2022, subject to review, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The order does not alter the underlying terms and conditions, which remain unchanged.