Case Brief
What Happened
The Reserve Bank of India has extended the existing Directions on Imperial Urban Co-operative Bank Ltd., Jalandhar under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directions, initially placed from March 10, 2023 and last extended up to March 10, 2025, will now continue from the close of business on March 10, 2025 until the close of business on June 10, 2025, subject to review. RBI also clarified that this extension is not a cancellation of the banking licence. The bank will keep undertaking banking business, but with restrictions, until its financial position improves.