Case Brief
What Happened
RBI has extended the validity of the 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 last extended up to March 9, 2023, will now continue to apply from March 10, 2023 to June 9, 2023, subject to review. RBI clarified that this is not a cancellation of banking licence and that the bank will keep undertaking banking business with restrictions until its financial position improves.