Case Brief
What Happened
The Reserve Bank of India has extended the existing Directions applicable to Ramgarhia Co-operative Bank Ltd, New Delhi. The directions, originally issued on July 07, 2022, and previously extended up to January 08, 2025, will now continue from the close of business on January 08, 2025 to the close of business on April 08, 2025, subject to review. RBI also stated that the extension should not be treated as a cancellation of the bank’s licence and that the bank will continue undertaking banking business with restrictions until its financial position improves.