Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Colour Merchants Co-operative Bank Ltd., Ahmedabad, Gujarat. The directive, originally issued on September 25, 2023 and previously extended up to March 25, 2025, is now extended for a further three months from the close of business on March 25, 2025 to the close of business on June 25, 2025. The RBI states that all other terms and conditions of the directive remain unchanged.