Case Brief
What Happened
The Reserve Bank of India has extended the Directions previously imposed on Ramgarhia Co-operative Bank Ltd, New Delhi. The bank was originally placed under Directions from July 08, 2022, for six months, and the validity was later extended up to October 08, 2023. By the latest order under Section 35A read with Section 56 of the Banking Regulation Act, 1949, RBI has continued those Directions until January 08, 2024, subject to review. RBI also noted that this extension does not amount to cancellation of the bank's licence and that the bank will continue banking business with restrictions while its financial position improves.