Case Brief
What Happened
The Reserve Bank of India has extended the existing directions applicable to Ramgarhia Co-operative Bank Ltd., New Delhi, originally issued on July 07, 2022 and previously extended up to the close of business on October 08, 2024. Under the latest directive dated October 03, 2024, the restrictions will continue for three more months, from October 08, 2024 to January 08, 2025, subject to review. RBI states that the extension does not amount to cancellation of the banking licence; the bank may continue banking business, but only under the imposed restrictions until its financial position improves.