Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of its existing Directions issued to Musiri Urban Co-operative Bank Limited, Musiri under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directive dated March 02, 2023 had been valid up to September 02, 2023; RBI has now extended it from September 03, 2023 to December 02, 2023, subject to review. The press release says the other terms and conditions of the directives remain unchanged.