Case Brief
What Happened
The Reserve Bank of India has further extended the existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The Mahabhairab Co-operative Urban Bank Ltd., Tezpur, Assam. The earlier directive, first issued on October 12, 2023 and last extended on April 10, 2024, was set to expire on July 12, 2024. RBI has now extended it for another three months, up to the close of business on October 12, 2024, subject to review. The press release states that all other terms and conditions of the directive remain unchanged.