Case Brief
What Happened
The Reserve Bank of India has extended the directive previously issued to Uravakonda Co-operative Town Bank Ltd., Uravakonda (Anantapur District), under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive was dated February 23, 2023 and ran up to August 24, 2023; this release extends its operation from August 25, 2023 to November 24, 2023, subject to review. The RBI states that all other terms and conditions of the directive remain unchanged, so the earlier operational restrictions continue in force.