Case Brief
What Happened
The Reserve Bank of India, under Section 35A read with Section 56 of the Banking Regulation Act, 1949, extended the existing Directions applicable to The Konark Urban Co-operative Bank Ltd., Ulhasnagar. The bank had originally been placed under Directions from April 23, 2024, and the latest extension continues them up to the close of business on April 23, 2025, subject to review. The release says all other terms and conditions remain unchanged and notes that the extension should not be taken to imply satisfaction with the bank's financial position.