Case Brief
What Happened
The Reserve Bank of India extended the period of operation of its existing directive issued to Ajantha Urban Co-operative Bank Maryadit under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive dated August 28, 2023 had already been extended once, and this release further extends it from the close of business on May 29, 2024 to the close of business on August 29, 2024, subject to review. RBI states that all other terms and conditions of the directive remain unchanged.