Case Brief
What Happened
The Reserve Bank of India issued an extension of the existing directions applicable to The Kapol Co-operative Bank Ltd., Mumbai, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had originally been placed under directions from the close of business on March 30, 2017, and those directions had been extended periodically, with the most recent validity up to October 31, 2022. By the October 18, 2022 directive, RBI continued those directions until January 31, 2023, subject to review, and specified that all other terms and conditions remain unchanged.