Case Brief
What Happened
The Reserve Bank of India extended the operation of its existing directive issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS), against Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi (Gujarat). The original directive dated March 02, 2023, was valid up to September 03, 2023; RBI has now extended it for a further three months, from September 03, 2023 to December 02, 2023, subject to review. The release states that all other terms and conditions remain unchanged.