Case Brief
What Happened
The Reserve Bank of India has extended the existing directions imposed on Defence Accounts Cooperative Bank Ltd., Pune under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directions, first placed from the close of business on March 10, 2023, will continue from the close of business on June 10, 2024 until the close of business on September 10, 2024, subject to review. RBI also clarifies that all other terms and conditions remain unchanged and that the extension should not be taken to mean RBI is satisfied with the bank's financial position.