Case Brief
What Happened
The Reserve Bank of India has extended the operative period of its existing Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 issued to The Imperial Urban Cooperative Bank Ltd., Jalandhar. The original directive dated March 9, 2023 had already been extended earlier, and this release further extends it from close of business on December 10, 2023 to close of business on March 10, 2024, subject to review. RBI explicitly states that all other terms and conditions of the directive will remain unchanged.