Case Brief
What Happened
The Reserve Bank of India has further extended the operation of its Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Innovative Co-operative Urban Bank Limited, Delhi. The original directive dated July 03, 2025 had been in force for six months up to close of business on January 04, 2026. RBI has now extended the directive for another three months, from January 04, 2026 through close of business on April 04, 2026, subject to review. The release states that the other terms and conditions of the directive remain unchanged and that the extension should not be taken as RBI being satisfied with the bank's financial condition.