Case Brief
What Happened
The Reserve Bank of India extended the period of operation of its existing directions issued to Sri Bharathi Co-operative Urban Bank Ltd., Hyderabad, Telangana under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directions were in force from close of business on January 02, 2019 and were valid up to July 02, 2019, subject to review. RBI has now extended the directive for a further period of six months, from July 03, 2019 to January 02, 2020, subject to review, and has stated that all other terms and conditions remain unchanged.