Case Brief
What Happened
The Reserve Bank of India extended the existing directions applicable to Rupee Co-operative Bank Ltd., Pune, Maharashtra, originally imposed on February 22, 2013, so that they would continue till October 22, 2022, subject to review. The release says that all other terms and conditions of the directions remain unchanged. It further records that RBI had cancelled the bank’s banking licence on August 10, 2022, but the Hon’ble High Court of Bombay suspended that cancellation order until the appeal before the Appellate Authority is concluded.