Case Brief
What Happened
The Reserve Bank of India extended the existing Directions imposed on Ramgarhia Co-operative Bank Ltd, New Delhi. These Directions, originally effective from July 08, 2022 and previously extended to July 08, 2023, were continued till October 08, 2023, subject to review, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. RBI clarified that the extension is not a cancellation of the bank's licence and that the bank will continue to undertake banking business with restrictions until its financial position improves.