Case Brief
What Happened
The Reserve Bank of India has extended the Directions already in force against The City Co-operative Bank Ltd., Mumbai. The bank had originally been placed under Directions from the close of business on April 17, 2018, and the validity had been extended several times, most recently up to April 16, 2023. Through the latest directive dated April 13, 2023, RBI has directed that the same Directions shall continue to apply till July 16, 2023, subject to review, with all other terms and conditions unchanged. The release notes that this extension should not be construed as RBI being satisfied with the bank's financial position.