Case Brief
What Happened
The Reserve Bank of India has further extended the 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, Karnataka. The directive, originally issued on September 26, 2024 and earlier extended twice, is now extended for three more months from close of business on September 27, 2025 to close of business on December 27, 2025, subject to review. All other terms and conditions remain unchanged, and RBI notes that the extension should not be read as indicating satisfaction with the bank's financial position.