Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of the existing directions issued to Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally dated January 02, 2020 and last modified on January 10, 2022, had been valid up to May 10, 2022. RBI has now ordered that it will continue to apply from May 11, 2022 to November 10, 2022, subject to review, while all other terms and conditions remain unchanged.