Case Brief
What Happened
The Reserve Bank of India has further extended the Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The Imperial Urban Cooperative Bank Ltd., Jalandhar. The directive, originally issued on March 9, 2023 and last extended up to close of business on March 10, 2024, is now continued for a further period from close of business on March 10, 2024 until close of business on June 10, 2024. RBI states that the extension is in the public interest and that all other terms and conditions of the earlier directive remain unchanged.