Case Brief
What Happened
The Reserve Bank of India has extended the existing Directions issued to The Imperial Urban Cooperative Bank Ltd., Jalandhar under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directive, first issued on March 9, 2023 and last extended up to June 10, 2024, now continues from close of business on June 10, 2024 to close of business on September 10, 2024. RBI says the extension is in public interest and that all other terms and conditions of the directive remain unchanged.