Case Brief
What Happened
The Reserve Bank of India has further extended the Directions issued to The Vaishali Shahari Vikas Co-operative Bank Ltd., Hajipur, Dist. Vaishali under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally issued on June 13, 2023 and last extended to December 14, 2024, will now remain in force from close of business on December 14, 2024 until close of business on March 14, 2025, subject to review. RBI states that the extension is in the public interest and that all other terms and conditions of the directive remain unchanged.