Case Brief
What Happened
The Reserve Bank of India extended the period of operation of its existing directions issued to Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally dated July 15, 2022 and modified from time to time, will continue to apply from July 19, 2023 to October 18, 2023, subject to review. RBI also stated that the other terms and conditions of the directive remain unchanged.