Case Brief
What Happened
The Reserve Bank of India has extended the validity of the existing directions issued to Thodupuzha Urban Co-operative Bank Ltd., Kerala under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally issued on August 23, 2022 and previously extended up to May 23, 2024, will now continue for a further period of three months from close of business on May 23, 2024 to close of business on August 23, 2024. RBI said the extension is in the public interest and that all other terms and conditions of the directive remain unchanged, subject to review.