Case Brief
What Happened
The Reserve Bank of India extended the period of operation of its existing directions issued to Dwarkadas Mantri Nagari Sahakari Bank Ltd., Beed, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally dated March 9, 2022 and previously extended up to December 9, 2022, was continued for a further three months from December 10, 2022 to March 9, 2023, subject to review. RBI also stated that the directions should not be construed as cancellation of the bank’s banking licence and that the bank will continue to undertake banking business with restrictions till its financial position improves.