RBI extends directions issued to Rupee Co-operative Bank upto May 31, 2018
Published: Nov 23, 2017
By TIOLCORPLAWS News Service
MUMBAI, NOV 23, 2017: THE Reserve Bank of India (RBI) has extended directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra for a further period from November 22, 2017 to May 31, 2018 subject to review. The directions were originally imposed from February 22, 2013 to August 21, 2013 and were extended on eight occasions for a period of six months each and thrice for a period of three months each. The last extension was for a period of three months from August 22, 2017 to November 21, 2017.The directions were imposed in exercise of powers vested in the Reserve Bank under Sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the said Act. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these directions depending upon circumstances.