Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of the existing directions issued to The Imperial Urban Cooperative Bank Ltd., Jalandhar under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive dated March 9, 2023 was valid up to close of business on September 10, 2023; RBI has now extended it for a further three months to close of business on December 10, 2023. The release says the extension is in the public interest and that all other terms and conditions of the directive remain unchanged.