Case Brief
What Happened
The Reserve Bank of India has extended the operation of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The Amanath Co-operative Bank Ltd., Bangalore. The earlier directive dated June 12, 2024 had been valid up to December 12, 2024; this press release extends it from close of business on December 12, 2024 to close of business on March 12, 2025, subject to review. RBI states that the extension is necessary in public interest and that all other terms and conditions of the directive will continue unchanged.