Case Brief
What Happened
The Reserve Bank of India extended the existing directions 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 prior directive, originally issued on July 29, 2022 and last extended up to July 29, 2024, has now been extended for a further three months from the close of business on July 29, 2024 to the close of business on October 29, 2024. The RBI states that the extension is in the public interest and that all other terms and conditions of the directions remain unchanged.