Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of its existing directions issued to The Karmala Urban Co-operative Bank Limited, Solapur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, which had already been extended up to July 29, 2023, are now continued for a further three months from July 30, 2023 to October 29, 2023, subject to review. The press release specifically states that all other terms and conditions of the directive remain unchanged.