Case Brief
What Happened
The Reserve Bank of India extended the Directions earlier issued to Imperial Urban Cooperative Bank Ltd., Jalandhar under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The Directions, originally placed from March 10, 2023 and last extended up to December 10, 2024, will now continue for a further period of three months until close of business on March 10, 2025, subject to review. RBI clarified that this extension is not a cancellation of the bank's licence, and the bank will continue to undertake banking business with restrictions until its financial position improves.