Case Brief
What Happened
The Reserve Bank of India announced an extension of the existing 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, earlier valid up to August 31, 2022, were continued unchanged until September 22, 2022, subject to review. The release additionally states that RBI had cancelled the bank’s licence by order dated August 08, 2022, effective after six weeks from August 10, 2022, following the Bombay High Court’s order, and that the bank would cease to carry on banking business from September 22, 2022. RBI also requested the Maharashtra Registrar of Cooperative Societies to initiate winding up and appoint a liquidator.