Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of its earlier directions issued to The Shirpur Merchants’ Co-operative Bank Ltd., Shirpur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directive, dated April 05, 2024, had been valid up to the close of business on October 08, 2024; RBI has now extended it by three more months until the close of business on January 08, 2025. The release says all other terms and conditions of the directive will remain unchanged.