Case Brief
What Happened
The Reserve Bank of India has further extended the operative period of its directions issued to Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The directive, originally issued on March 02, 2023 and previously extended up to December 02, 2023, now continues from close of business on December 02, 2023 until close of business on March 02, 2024, subject to review. The RBI says all other terms and conditions remain unchanged.