Case Brief
What Happened
The Reserve Bank of India further extended the Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The Vaishali Shahari Vikas Co-operative Bank Ltd., Hajipur, Dist. Vaishali. The existing directions, originally issued on June 13, 2023 and last extended up to March 14, 2024, are now continued for a further three months from close of business on March 14, 2024 to close of business on June 14, 2024. RBI states that the extension is in the public interest and that all other terms and conditions remain unchanged.