Case Brief
What Happened
The Reserve Bank of India has extended the operation of its earlier directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Nashik Zilla Girna Sahakari Bank Limited, Nashik, Maharashtra. The directive, initially issued on July 15, 2022 and earlier extended up to July 18, 2023, will now continue to apply for a further three-month period from July 19, 2023 to October 18, 2023. RBI states that the other terms and conditions remain unchanged and the extension is subject to review.