Case Brief
What Happened
The Reserve Bank of India has extended the existing Directions imposed on Ramgarhia Co-operative Bank Ltd., New Delhi under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The extension runs from the close of business on July 08, 2024 to the close of business on October 08, 2024, subject to review. RBI clarified that the extension is not a cancellation of the bank's licence and that the bank will continue to undertake banking business with restrictions until its financial position improves.