Case Brief
What Happened
The Reserve Bank of India has extended the existing directions imposed on The Konark Urban Co-operative Bank Ltd., Ulhasnagar. The bank had originally been placed under directions from the close of business on April 23, 2024 for a period of six months. Under the October 17, 2024 directive, RBI stated that the same directions would continue to apply until the close of business on January 23, 2025, with all other terms and conditions unchanged and subject to review. The order is issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949.