Case brief
RBI extended the existing Section 35A directions on The R.S. Co-operative Bank Ltd., Mumbai, for another four months. The order remains subject to review.
Impact
The bank continues to operate under RBI-imposed Section 35A restrictions through May 25, 2019, subject to review. Any operational limitations contained in the underlying directions remain in force, affecting the bank and its customers until RBI changes or withdraws the order.
Why RBI acted
Regulatory basis
- Section 35A of the Banking Regulation Act, 1949
- Section 56 of the Banking Regulation Act, 1949