Case Brief
What Happened
The Reserve Bank of India extended the period of operation of its earlier directions issued to Thodupuzha Urban Co-operative Bank Ltd., Kerala under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The original directions, first issued on August 23, 2022, had already been extended earlier and were last valid up to February 23, 2024. Under the latest directive dated February 14, 2024, RBI ordered that the same directions continue to apply from close of business on February 23, 2024 until close of business on May 23, 2024, subject to review, with all other terms and conditions unchanged.