Case Brief
What Happened
The Reserve Bank of India notified an extension of the ongoing Directions imposed on Rupee Co-operative Bank Ltd., Pune, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally applied from the close of business on February 22, 2013 and extended from time to time, were continued up to February 28, 2022. The press release specifies that all other terms and conditions of the directive remain unchanged and that the extension should not be construed as RBI being satisfied with the bank's financial position.