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 Colour Merchants Co-operative Bank Ltd., Ahmedabad. The original directive was issued on September 25, 2023 and had already been extended once up to September 25, 2024. This release extends the same directive from close of business on September 25, 2024 to close of business on December 25, 2024, subject to review, with all other terms and conditions unchanged.