Case Brief
What Happened
The Reserve Bank of India has further extended the operation of its Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The Imperial Urban Cooperative Bank Ltd., Jalandhar. The directive, originally issued on March 9, 2023 and last extended up to September 10, 2024, is now extended from close of business on September 10, 2024 to close of business on December 10, 2024, subject to review. RBI states that all other terms and conditions of the directive will remain unchanged.