Case Brief
What Happened
The Reserve Bank of India has withdrawn the Directions issued to The Karmala Urban Co-operative Bank Ltd., Solapur under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions were originally issued on July 29, 2022, modified from time to time, and last extended up to April 29, 2025. RBI says it took the decision after reviewing the bank’s financial position and being satisfied that withdrawal was necessary in the public interest. The withdrawal is effective from the close of business on April 09, 2025.