Case Brief
What Happened
The Reserve Bank of India has extended the operation of its existing directions issued to Durga Co-operative Urban Bank Ltd., Vijayawada under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive dated July 28, 2022, which had already been extended once up to April 29, 2023, will now continue to apply from April 30, 2023 until July 29, 2023, subject to review. RBI also clarified that all other terms and conditions of the directive remain unchanged.