Case Brief
What Happened
The Reserve Bank of India said that the directions issued to Padmashri Dr. Vithalrao Vikhe Patil Co-operative Bank Ltd., Nashik under Section 35A read with Section 56 of the Banking Regulation Act, 1949, and last extended up to February 17, 2023, shall continue to apply for a further period of three months from February 18, 2023 to May 17, 2023, subject to review. The order is an extension of an existing restriction rather than a new penalty, and the release says all other terms and conditions remain unchanged.