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 Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District. The directions, first issued on February 23, 2023 and previously extended up to February 24, 2024, will now remain in force from the close of business on February 24, 2024 until the close of business on May 24, 2024. The release states that all other terms and conditions of the directive remain unchanged.