Case Brief
What Happened
The Reserve Bank of India has extended the period of its existing Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Padmashri Dr. Vithalrao Vikhe Patil Co-operative Bank Limited, Nashik, Maharashtra. The earlier directive, originally issued on May 18, 2018 and last extended up to November 17, 2023, is now extended for another three months from close of business on November 17, 2023 to close of business on February 17, 2024. RBI says the extension is in the public interest and that all other terms and conditions of the directive remain unchanged.