Case Brief
What Happened
The Reserve Bank of India has extended the period of its existing directions on The City Co-operative Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, first placed from the close of business on April 17, 2018 and extended from time to time, were continued up to April 16, 2023. The RBI said the other terms and conditions of the directives would remain unchanged and noted that the extension should not be construed as satisfaction with the bank's financial position.