Case Brief
What Happened
The Reserve Bank of India has extended the ongoing Directions imposed on Ramgarhia Co-operative Bank Ltd., New Delhi under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directions, first issued on July 07, 2022 and last extended up to April 08, 2024, now continue from close of business on April 08, 2024 to close of business on July 08, 2024, subject to review. RBI also states that this extension is not a cancellation of the bank's licence, and the bank will continue to undertake banking business with restrictions until its financial position improves.