Case Brief
What Happened
The Reserve Bank of India extended the validity of its existing directions on The Seva Vikas Cooperative Bank Ltd., Pune, Maharashtra, originally imposed from the close of business on October 12, 2021. Under the July 11, 2022 directive issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949, the directions were continued till October 12, 2022, subject to review. The RBI also clarified that all other terms and conditions of the original directions remain unchanged and that the extension should not be construed as satisfaction with the bank’s financial position.