Case Brief
What Happened
The Reserve Bank of India has further extended the period of operation of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak. The directive, which had already been extended up to June 27, 2025, will now continue from close of business on June 27, 2025 until close of business on September 27, 2025, subject to review. The release says that all other terms and conditions remain unchanged and adds that the extension should not be interpreted as implying satisfaction with the bank's financial position.