Case Brief
What Happened
The Reserve Bank of India extended the 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 original directive had been issued on July 29, 2022 and previously extended up to the close of business on October 29, 2023. RBI has now extended the directive for a further three months, up to the close of business on January 29, 2024, subject to review. The release states that all other terms and conditions of the directions remain unchanged.