Case Brief
What Happened
The Reserve Bank of India extended the validity of the All-Inclusive Directions previously imposed on Sikar Urban Co-operative Bank Ltd., Sikar, Rajasthan. The bank had originally been placed under these directions from close of business on November 09, 2018, and the validity had earlier been extended up to March 09, 2022. By the directive dated March 07, 2022, the RBI continued the same directions for a further period of three months, from March 10, 2022 to June 09, 2022, with all other terms and conditions remaining unchanged. The action was taken under Section 35A of the Banking Regulation Act, 1949 (read with Section 56) and is subject to review.