Case Brief
What Happened
The Reserve Bank of India has extended the Directions already imposed on Defence Accounts Cooperative Bank Ltd., Pune under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directions, effective from the close of business on March 10, 2023, will continue to apply from March 10, 2024 until the close of business on June 10, 2024, subject to review. The release specifies that all other terms and conditions remain unchanged and that the extension should not be read as RBI expressing satisfaction with the bank’s financial position.