Case Brief
What Happened
The Reserve Bank of India has further extended the period of operation of its existing Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Musiri Urban Co-operative Bank Limited, Musiri. The directive, originally issued on March 02, 2023 and last extended up to December 02, 2023, is now extended for another three months from close of business on December 02, 2023 to close of business on March 02, 2024, subject to review. The release specifically says that all other terms and conditions of the directive remain unchanged.