Case Brief
What Happened
The Reserve Bank of India has extended the validity of the All-Inclusive Directions previously issued to Sikar Urban Co-operative Bank Ltd., Sikar, Rajasthan under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The original directions were issued on October 26, 2018 and had last been extended up to close of business March 09, 2024. By the fresh directive dated March 07, 2024, those directions will continue to apply for a further three months, from close of business March 09, 2024 to close of business June 09, 2024, subject to review. All other terms and conditions remain unchanged, and RBI clarifies that the extension should not be read as satisfaction with the bank's financial position.