Case Brief
What Happened
The Reserve Bank of India has continued the directions issued earlier under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) against The Laxmi Co-operative Bank Ltd., Solapur, Maharashtra. The extension runs from May 12, 2022 to August 11, 2022, subject to review. The order includes restrictions and/or ceilings on withdrawal and acceptance of deposits, and RBI states that the bank will continue banking business only with these restrictions; it is not a cancellation of licence.