Case Brief
What Happened
The Reserve Bank of India has further extended the period of operation of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The Hiriyur Urban Co-operative Bank Ltd., Hiriyur, Karnataka. The directive, originally issued from the close of business on March 10, 2023 and previously extended up to December 10, 2023, now continues for another three months until the close of business on March 10, 2024. The RBI states that all other terms and conditions remain unchanged and the extension is subject to review.