Case Brief
What Happened
The Reserve Bank of India has further extended the period of operation of its existing directions issued to Padmashri Dr. Vithalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally issued on May 18, 2018 and last extended up to November 17, 2024, is now extended from the close of business on November 17, 2024 to the close of business on February 17, 2025, subject to review. The release expressly says that all other terms and conditions of the directive remain unchanged, and it does not announce any new monetary penalty or separate misconduct finding.