Case Brief
What Happened
The Reserve Bank of India has extended the operative period of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra. The earlier directions, already extended up to October 29, 2024, are now continued for another three months until the close of business on January 29, 2025. The release states that all other terms and conditions of the directive remain unchanged and that the extension is subject to review.