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RBI withdraws restrictions on Youth Development Co-operative Bank

In a relief to customers of Youth Development Co-operative Bank Ltd, Kolhapur, the RBI withdrew all restrictions imposed on the lender since January 2019. Several restrictions, including a cap of Rs 5,000 on withdrawals from the Kolhapur-based co-operative bank, were imposed by the Reserve Bank in the wake of its worsening financial position, initially for six months from the close of business on January 5, 2019. The validity of the “all-inclusive directions” was extended from time to time, the last being up to April 5, 2021. “Reserve Bank of India, on being satisfied that in the public interest it is necessary to do so… hereby withdraws with effect from April 05, 2021, All-Inclusive Directions issued to Youth Development Co-operative Bank Limited, Kolhapur, Maharashtra,” the central bank said in a circular.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.