Case Brief
What Happened
The Reserve Bank of India extended the existing directive issued to The Karmala Urban Co-operative Bank Limited, Solapur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally issued on July 29, 2022 and previously extended up to April 29, 2024, are now extended for a further three months up to the close of business on July 29, 2024. The RBI said the extension was necessary in the public interest and that all other terms and conditions of the directive would remain unchanged.