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 Uravakonda Co-operative Town Bank Ltd., Uravakonda (Anantapur District). The earlier directive, already extended once, is now continued for a further period of three months from the close of business on February 24, 2024 to the close of business on May 24, 2024. RBI specifies that all other terms and conditions of the directive remain unchanged and that the extension is subject to review.