Case Brief
What Happened
The Reserve Bank of India announced an extension of the existing directions issued to Padmashri Dr. Vithalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The prior directions, last extended up to November 17, 2022, will now continue from November 18, 2022 to February 17, 2023, subject to review, with all terms and conditions remaining unchanged. RBI clarified that the directions should not be construed as cancellation of the bank's licence, but the bank will continue to undertake banking business with restrictions until its financial position improves.