Case Brief
What Happened
The Reserve Bank of India has extended the validity of the earlier 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 extension keeps the existing restrictions in force from June 10, 2023 to September 9, 2023, subject to review. RBI notes that the directions do not amount to cancellation of the bank’s licence, but the bank will continue to undertake banking business with restrictions until its financial position improves.