Case Brief
What Happened
The Reserve Bank of India has extended the existing Directions imposed on The City Co-operative Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had originally been placed under Directions on April 17, 2018, and the latest extension keeps those Directions in force from the close of business on October 16, 2023 to the close of business on January 16, 2024. RBI states that all other terms and conditions remain unchanged and that the extension should not be construed as satisfaction with the bank's financial position.