Case Brief
What Happened
The Reserve Bank of India has further extended the period of operation of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Ajantha Urban Co-operative Bank Maryadit, Aurangabad, Maharashtra. The directive, originally issued on August 28, 2023 and previously extended up to August 29, 2024, is now extended by three more months up to the close of business on November 29, 2024. The release states that all other terms and conditions remain unchanged and that the extension is subject to review.