Case Brief
What Happened
The Reserve Bank of India extended the period of its existing directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Babaji Date Mahila Sahakari Bank Ltd., Yavatmal, Maharashtra. The extension runs from May 09, 2022 to August 08, 2022, subject to review. The directions include restrictions and/or ceilings on withdrawal and acceptance of deposits. RBI clarified that this is not a cancellation of the bank’s licence and that the bank may continue banking business only with these restrictions in place.