Case Brief
What Happened
The Reserve Bank of India has extended the existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The Vaishali Shahari Vikas Co-operative Bank Ltd., Hajipur, Bihar. The original directive dated June 13, 2023 had been in effect for six months up to close of business on December 14, 2023. RBI has now extended the period of operation by three more months, until close of business on March 14, 2024, subject to review, while leaving all other terms and conditions unchanged.